国内英语资讯:China Focus: Profits gain as local SOEs deepen reform_时事

国内英语资讯:China Focus: Profits gain as local SOEs deepen reform

TAIYUAN/SHENZHEN, March 8 -- Li Qiuxi remains chairperson of a provincial state-owned enterprise (SOE), thanks to the fulfillment of the annual revenue and profit growth targets set in a letter of responsibility last year.

Under the contract Li signed with the Shanxi state-owned assets watchdog in February 2017, one target for Fenjiu Group, the first pilot SOE in the contractual management reform in the province, was to increase its annual profit of the liquor sector by 25 percent. Otherwise, Li would be dismissed from his post with the company.

Far above the target, the profit of the liquor sector of Fenjiu Group, one of the country's leading liquor brands, increased by 68 percent year-on-year last year. Other major performance targets in the contract were also achieved.

The pilot reform has been extended to 17 SOEs in coal-rich Shanxi, including Taiyuan Iron and Steel (Group) Co., Ltd and Shanxi Coking Coal Group.

Contractual management is a major SOE reform in Shanxi, prompting SOEs to speed up structural adjustment for high-quality development through clear and scientific performance assessment, said Wang Yixin, vice governor of Shanxi.

Reforms will be advanced in state capital and SOEs, according to the government work report delivered by Premier Li Keqiang to the first session of the 13th National People's Congress(NPC), China's top legislature, on March 5.

"Our SOEs should, through reform and innovation, become front-runners in pursuing high-quality development," said the report. Reforms introducing mixed ownership in SOEs will be carried forward prudently.