On August 13, China Review News reported that Central government owned enterprises, such as PetroChina, Sinopec, and the National Grid proposed launching a reform that will include a mixed form of ownership: state-owned and privately-owned mixed ownership. Following their lead, financial service companies such as the China Everbright Group and the Bank of Communications are also lining up to develop their own mixed ownership reforms. Moreover, regional governments are gearing up to join in the mixed ownership process as well. Chongqing City is going to transform two-thirds of state-owned enterprises into mixed-ownership enterprises. Guangdong Province has announced that, by 2017, more than 60 percent of enterprises will be mixed-ownership enterprises. Hebei Province has stated that more than 70 percent of the second level state owned enterprises will complete their task of ownership diversification within the next two to three years. However, a survey showed that over 60 percent of the private entrepreneurs have chosen not to join the state-owned enterprises; over 90 percent of the private entrepreneurs would rather “wait and see.”
Source: China Review News, August 13, 2014
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