China SOEs will resist privatization

China SOEs will resist privatization

China is expected to resist bad ideas, including privatization. Instead, it should drastically strengthen the role of the Communist Party in publicly owned companies, as the head of the country's state asset regulator told on Friday.

China turns to be in the middle of a reform program aimed at shaking up its debt-ridden, bloasted state sector for the purpose of creating innovative as well as globally competitive multinationals.

However, China's leaders have repeatedly emphasized that while local companies require being more competitive and responding better to the market, they’re bound to keep fulfilling their strategic objectives under the firm leadership of the country’s Communist Party.

The chairman of the State-Owned Asset Supervision and Administration Commission, Xiao Yaqing told that China shouldn’t hesitate when it comes to making state-owned companies big and extremely competitive.

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