China's central authorities on Sunday issued a guideline to deepen reforms of state-owned enterprises (SOEs) Phil Jones England Jersey , the latest move from the government to invigorate torpid SOEs.


China will modernize SOEs, enhance state assets management, promote mixed ownership and prevent the erosion of state assets, according to the guideline released by the Communist Party of China Central Committee and the State Council.


The guideline will be a key framework document to guide and boost SOE reforms.


The government plans to achieve major reforms in key areas by 2020 Phil Jagielka England Jersey , when SOEs are expected to be more robust and influential and have greater ability to avoid risks.


The government will improve the competence of SOEs and turn them into fully independent market entities, the guideline said.


Zhang Yi, chairman of the State-owned Assets Supervision and Administration Commission (SASAC), said SOEs can enhance their competitiveness and be truly invigorated after becoming independent market entities.


The guideline said the government should nurture a group of SOEs that are creative and can face international rivals.


There are currently 110 state-owned conglomerates administered by the SASAC Nathaniel Clyne England Jersey , while much more SOEs are owned by local governments.


A pillar of the economy, Chinese SOEs enjoyed dominant position in the market with huge resources including easier access to loans and more favorable policies, but they are seen as less efficient than private firms and less robust during the economic slowdown.


Reforms in SOEs have become a major task for China's policymakers during the battle against downward pressure.


Mixed-ownership reform appeared to be the most significant means to improve the efficiency of SOEs.


SOEs should bring in multiple types of investors and the government should encourage them to go public. No specific timetable will be set, but the government will promote it gradually Marcus Rashford England Jersey , the guideline said.


Non-state firms will be encouraged to join the process through various ways, including buying stakes and convertible bonds from or conducting share rights swaps with SOEs. SOEs will also be allowed to experiment with selling shares to their employees.


Besides, a flexible and market-based salary system will be established. Salaries of SOE employees