China's central SOEs boost corporate compliance management

BEIJING -- China's centrally administrated state-owned enterprises have been improving corporate compliance management to gain an edge in global market competition.

Nearly 70 percent of the central SOEs, or 68 of the total 98, have chief compliance officers to oversee and maintain compliance within their groups. A total of 631 major subsidiaries of the central SOEs also have set up such positions.

Over 28,000 people are working on compliance management in central SOEs and their subsidiaries, according to the State-owned Assets Supervision and Administration Commission of the State Council.

China started implementing a three-year action plan for SOE reform in 2020 as part of the decades-long efforts to transform SOEs into competitive and modern enterprises.

In January this year, Chinese authorities announced that the major tasks of the three-year action plan to reform SOEs have all been completed. The SOEs have become leaner and healthier, their system to encourage technological innovation has improved, and supervision over state assets has become more professional, systematic, and law-based.