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Shanghai's locally-owned state companies are on the verge of investing an extra 800 billion Yuan every year for the next five years. The funds will be mostly allocated for major strategic industries. That’s what the city government informed on Thursday.
It didn’t provide details of how much regular investment the given state-owned companies were planning. It’s also still unknown what industries the extra funds would be allocated for.
China's ruling Communist Party has stepped up its plans to have the state sector reformed via a mix of market forces as well as targeted support in an attempt to cut inefficiencies and also dominate certain swathes of the national economy.
The fresh thrust suggests shaking up ownership structures as well as injecting private capital into the debt-ridden sector.
In Shanghai, local SOEs managed to earn 3.1 trillion Yuan in 2016, with net revenue hitting 305.8 billion Yuan, as state media informed.
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