Shanghai/Beijing — China vowed on Monday to boost the competitiveness of state companies through reforms — including more co-operation with private firms and capital — while keeping a firm grip on strategic industries such as network infrastructure.
“We should deepen co-operation with private firms as well as small and medium-sized enterprises, so that we mingle with each other, and develop together,” Wen Jieming, vice-chair of the State-owned Assets Supervision and Administration Commission told a news conference in Beijing.Beijing is accelerating mixed-ownership reforms at a time when many small, private firms suffer more than SOEs in a slowing economy due to relative weak backing from China’s state-dominated banking system.
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