The State-owned Assets Supervision and Administration Commission aims to transform as many existing state-owned enterprises (SOEs) into investment companies as possible rather than set up new ones as it overhauls the way it manages state assets, the China Securities Journal reported Monday, citing an unnamed person with knowledge of the matter. Possible candidates for the program’s test run include China Resources Group, State Development and Investment Corp., China Poly Group Corp., China Merchants Group and Sinopec Group. According to a commission official, some SOEs could be merged and the selected companies may be allowed to invest and review their performance in line with market principles, the report said. The commission will try to implement the plan by 2020.
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