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Premier urges State-owned enterprises to improve efficiency

Updated: Mar 26,2016 5:25 PM

Premier Li Keqiang gave instructions on March 25 to a teleconference on enhancing the quality and efficiency of State-owned enterprises (SOEs).

The Premier pointed out that SOEs have helped China to stabilize growth and employment in recent years, contributing a lot to the country’s economic growth.

With the country facing severe challenges this year, the SOEs should form new development concepts, take actions, devote themselves to the new economy and be pioneers in creating new growth engines and transforming old ones, he said.

They should also produce profits using technological innovation, deepening structural reform and improving management to upgrade their own brands and improve quality.

All regions and government departments should pay close attention to the reform of SOEs by perfecting systems and creating a good reform atmosphere, and make the SOEs vibrant market players that can stand risks and be competitive to contribute more to China’s healthy economic and social development, said the Premier.

State Councilor Wang Yong said although at present SOEs face lots of difficulties and challenges in their production and operation, they must enhance quality and efficiency as they have close bearings on the sustainable and stable development of the State-owned sector.

Wang made the remarks while attending the conference on March 25.

He urged all regions, government departments and the concerned SOEs to press ahead with the supply-side reform and promote quality and efficiency of their products.

The enterprises should try hard to accomplish five major tasks for economic development in 2016 -- reducing excessive production capacity, storage, leverage, cutting cost and improving shortcomings.

Effective measures must be taken to boost innovation and management levels to stem the trend of SOEs’ return decreases, he added.