People walk past the office building of the Industrial and Commercial Bank of China. [File photo]

SOE reform

The nation will accelerate the reform of its gigantic central State-owned enterprises so they can expand globally, modernize their management and become more innovative.

The State-owned Assets Supervision and Administration Commission is drafting a major reform plan which will be announced by the State Council (cabinet) early next year.

Since the 2013 Central Economic Work Conference vowed to pursue reform and innovation in economic and social development, change at the central SOEs has become a key task for the national government.

These reforms will ensure quality and efficiency in economic growth, stimulate markets and accelerate the economic structural adjustment. They will also improve SOEs' performance and services and help them "go global".

The total asset value of central and local SOEs is about $16.33 trillion.

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