China sets 2013 targets for SOEs

China's State-owned Assets Supervision and Administration Commission of the State Council has released six main priorities for SOEs next year. Out of these, ensuring stable growth is the top concern.

It's been a struggle of late for China's State-owned companies. After almost a year of losses, they finally saw profit in 2012. The surveillance body for the SOEs, SASAC, released six main priorities, putting stable growth as the top focus.

To achieve this goal, China will push structural adjustments and industrial upgrades in the coming year.

Peng Huagang, spokesman of SASAC, said, "SOEs still have many problems in their structure. For example, they work mainly in traditional industries, and most gather in the lower parts of industrial chains. They're the ones we're determined to upgrade in the future. In emerging industries, we saw some developments in past years. But there is still a big gap compared to the international standard."

Li Baomin, research center director of SASAC, said, "The adjustments will focus on the following industries: those key to national security and the national economy; those related to important natural resources; ones involving new projects and new technology, especially the emerging ones; and some special industries, such as petroleum, public welfare and infrastructure."

Moreover, the SASAC also emphasized that SOEs should improve efficiency when it comes to resources allocation, push company reforms, strengthen technological innovation and company management.