Local governments are rushing to put the finishing touches to reform plans for state-owned enterprises (SOEs), Shanghai Securities News reported Tuesday. These include Shanghai, Shenzhen, Chongqing, Wuxi, Guangdong province and Shandong province. The reform is part of a broader effort to give the market a decisive role in allocating resources. At present, the government holds about 3.9 trillion yuan (US$642.25 billion) worth of equity in highly competitive industries which are expected be affected the most by the SOE overhaul, the report said, citing securities firm Shenyin Wanguo (HK) Ltd. (00218.HK). Shanghai is expected to release a detailed plan next week.
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