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State firms asked to increase profitability, deepen reforms

Updated: Jan 17,2016 9:37 AM     Xinhua

China’s State-owned Assets Supervision and Administration Commission (SASAC) on Jan 16 urged state-owned enterprises (SOEs) to increase profitability and deepen reforms.

The SOEs should try to increase their profitability in 2016, said the SASAC in an online statement, adding that it will actively deal with non-competitive “zombie firms”.

The SASAC stressed deeper reforms in SOEs and the commission itself.

According to the statement, the SASAC will accelerate the diversification of SOE stake ownership and speed up the overhaul of their corporate governance.

The commission also asked SOEs to increase innovation ability and expand international industrial capacity cooperation while increasing global presence.

The SASAC vowed to step up supervision to prevent losses of state-owned assets.