China’s state-owned enterprises in the area of energy have been recently been accelerating internal reform in an effort to restructure to a more efficient company system, the Securities Daily reported.
China Three Gorges Corporation, a state-owned power enterprise, passed three proposals for internal reform and introduced strategic investors during its latest board meeting on September 8. The enterprise decided to restructure to a wholly state-owned company, retaining the existing ventures, industries, personnel, claims and debts.
PetroChina, the listed arm of state-owned China National Petroleum Corporation, said its parent and son enterprises are all scheduled to complete company system reform by the end of November.
The acceleration toward company system reform is to prepare for the next stage of ownership reform, the report said.
Previously, the Assets Supervision and Administration Commission ordered state-owned enterprises in the area of electricity power, oil, natural gas, railway, airline, telecommunication and the war industry to kick off mixed-ownership reform this year.