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Fund to spur mixed-ownership reforms By LIU ZHIHUA/ZHONG NAN | China Daily | Updated: 2020-12-11 09:27 Share CLOSE An employee works on the production line of a State-owned machinery company in Zhangjiakou, Hebei province. [Photo by CHEN XIAODONG/FOR CHINA DAILY]
China is establishing a 70.7 billion yuan ($10.8 billion) fund to facilitate mixed-ownership reforms of its State-owned enterprises.
Chengtong Holdings Group Ltd, an investment company of the State Council s State-owned Assets Supervision and Administration Commission, will jointly establish the fund with several central and local SOEs, including Shanghai International Port (Group) Co Ltd and China COSCO Shipping Co Ltd, said an SIPG announcement on Wednesday.
Shanghai s economic role set to expand By SHI JING in Shanghai | China Daily | Updated: 2020-12-11 07:24 Share CLOSE Tourists pose for photographs on the Bund, a major scenic spot on the Huangpu River, in Shanghai. [Photo by Wang Gang/For China Daily]
Shanghai should better connect domestic and international markets in order to improve its high-quality development and facilitate China s deepened round of reform and opening-up, according to the proposed new five-year plan and development goals for 2035 released on Thursday.
Shanghai s proposed 14th Five-Year Plan (2021-25) says that high quality will be the highlight of its future economic development through strengthening the city s four major functions－allocating global resources, initiating technological innovation, leading development of high-end industries and opening up as a hub. Those functions were stressed by President Xi Jinping during his visit to Shanghai
China is establishing a 70.7 billion yuan ($10.8 billion) fund to facilitate mixed-ownership reforms of its State-owned enterprises.
Chengtong Holdings Group Ltd, an investment company of the State Council s State-owned Assets Supervision and Administration Commission, will jointly establish the fund with several central and local SOEs, including Shanghai International Port (Group) Co Ltd and China COSCO Shipping Co Ltd, said an SIPG announcement on Wednesday.
The company administering the fund will be registered in the Lingang Special Area of China (Shanghai) Pilot Free Trade Zone and will mostly invest in the mixed-ownership reform projects of SOEs, and equity investments projects of State firms in the private sector.