China completes all major tasks from three-year action plan

China has completed all the major tasks of its three-year action plan for the reform of State-owned enterprises (2020-22), said the country's top State-owned assets regulator after participating in a key work meeting on Tuesday.

The plan was designed to transform SOEs into competitive, modern enterprises and lead to all-out efforts by localities and numerous breakthroughs.

Vice-Premier Liu He, also head of the State Council leading group for SOE reform, attended and addressed the meeting, which was presided over by State Councilor Wang Yong, deputy head of the group.

The SOEs have become leaner and healthier; their system to support technological innovation has been improved; and supervision over State assets has become more professional, systematic and law-based, said a statement released by the State-owned Assets Supervision and Administration Commission of the State Council, or the SASAC.

The meeting pledged to plan and push for further reform in the SOEs to boost their core competitiveness and functions.

China's SOEs gained 82.6 trillion yuan ($12.24 trillion) in operating revenues in 2022, growing 8.3 percent year-on-year, according to the latest data released by the Ministry of Finance.