Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
New Zealand Telecom Picks Nokia, Leaves Door Open for Huawei
China Sets Up Massive New Fund Firm to Transform Manufacturing
Even 5G Can’t Reverse China Smartphone Slump
LATEST
China-Built Tesla Model 3 to Go On Sale Friday
U.S.-Blacklisted Chinese AI Firm to Seek Hong Kong IPO Approval: Report
Chinese Scammers Use WeChat More Than Any Other App to Conduct Online Fraud, Report Shows
China to Pilot Global On-Demand Broadband Project Next Year
New Reference Rates for Loans Edge Down in Line With Market Expectations
University President Responds to Allegation of Faking Scientific Results
Didi Expands Global Footprint With Taxi-Hailing Services in Japan, Costa Rica
Alibaba Prices Hong Kong IPO Shares at Around HK$176
Ant May Join Race for Singapore Virtual Bank Licenses
Didi Chuxing to Test Robo-Taxi Service in Shanghai, CNBC Reports
Xiaomi Appoints Controversial Chief Voice Scientist
China Sets Up Massive New Fund Firm to Transform Manufacturing
Even 5G Can’t Reverse China Smartphone Slump
Microsoft Rival Kingsoft Office Raises $640 Million in Shanghai Star IPO
Regulators Name and Shame Banks Violating Loan Rules
Bilibili, Qudian Post Strong Growth but Get Cold Shoulder From Investors
U.S. Extends Limited Huawei Licenses for a Further 90 Days
New Zealand Telecom Picks Nokia, Leaves Door Open for Huawei
NetEase to Hire Industry Veterans for First Overseas Game Studio: Report
China’s Shared-Bike Services Keep Getting More Expensive
Northeast China Hopes to Boost State-Owned Enterprises With the Private Sector

By Zhao Runhua / Apr 08, 2019 01:27 PM / Business & Tech

Photo: VCG

Photo: VCG

Northeast China, the country’s rust belt, has a long history of heavy industry and energy production.

Now another round of reforms hoping to boost the vitality of the region's state-owned enterprises (SOEs) with private-sector funds has been announced.

A state-owned asset management watchdog in northeast China’s Liaoning province has offered 52 provincial SOEs the opportunity for “mixed-ownership reform,” which would allow the enterprises to accept both investment and management from the private sector, according to state-run Xinhua News Agency.

The 52 SOEs are in the equipment manufacturing, environmental services, and metallurgy industries, among others. Notably on the list is Benxi Steel Group Corporation, which was founded in 1905 and is widely considered one of the “cradles of China’s steel industry.”

The total assets of these SOEs are worth an estimated 200 billion yuan ($29.78 billion), and they currently employ approximately 80,000 people, an official said to Xinhua.

Local regulations under the reform’s umbrella have set very few specific restrictions on things such as private partners’ share-holding percentages, in order to attract a wide range of possible partners, Xinhua said.

A list of the 52 SOEs affected, as well as a few of their draft plans, are available through major equity exchanges in China.

Related: More State Enterprises Set for Mixed-Ownership Reforms

Share this article
Open WeChat and scan the QR code