Introduction
Why Must SOEs Be Reformed?
The reform of state-owned enterprises is the microcosm of the opening-up and reform that we have been carrying out for the past 40 years. During this period, there have been several SOE reforms around the adjustment of ownership structure and relevant changes to the corporate governance system.
There are two facts from a realistic background that account for the new round of SOE reform with the typical characteristics of mixed-ownership launched in 2013. First, SOEs had lost their dividend from reform carried out in the late 1990s and fell again into the development predicament, and many of them had become zombie enterprises or suffered from benefit declines due to excessive ...
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