The Chinese regime has unveiled a long-awaited plan to overhaul its swollen state-owned companies.
The reform of state-owned enterprises (SOEs) comes amid the backdrop of China’s slowing economy and an unrelenting anti-corruption campaign by Communist Party leader Xi Jinping that is now targeting state enterprises.
According to the guidance released by the Chinese Communist Party’s Central Committee and the State Council—China’s cabinet—which was carried by state news agency Xinhua, Chinese authorities intend to “improve the competence of SOEs and turn them into fully independent market entities.”
But some analysts have said that the plan appears to be an unconvincing and ineffective effort at reforming entities reputed for their inefficiency and rampant corruption.
