These reforms focused on granting the SOEs more leeway in making corporate decisions.

In 2003, the founding of the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council further improved the management system for China's SOEs and better prepared them for market competition.

Ongoing tasks of SOE reform include mixed-ownership reforms, employee shareholding and differentiated salary systems, with the underlying logic of delegating power unchanged.

GOING TOP-TIER

Years of continuous reforms have honed Chinese SOEs' competitive edge, equipping them with the technologies and managerial skills needed to become global top-tier enterprises.

From 1978 to 2018, the business revenue and profit of China's SOEs expanded at an annual rate of 11.9 percent and 10.3 percent, respectively.

The combined total assets of China's SOEs in 2018 reached 247.1 times those in 1978, while shareholders' equity amounted to 130 times.

The number of Chinese enterprises in the Fortune 500 list has risen for the 14th consecutive year, surpassing the U.S. in 2019 with 129 companies, among which 48 are centrally administered SOEs.

Seventy years on, the path of glory continues for China's SOEs.

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