Some SOEs to be stripped of administrative rankings

China's top supervisory and administrative body of state-owned assets is holding a press conference at the State Council's information office in Beijing. Detailed plans of state-owned enterprise reforms are being unveiled there.

Topics today will include stripping some SOEs of administrative rankings, diversifying their investment resources, and specifying the rate of turning profit over to the state. There will also be plans on demerge PetroChina, China's biggest oil producer.

Just two days ago, Shanghai issued a proposal on deepening reforms of SOA and SOEs in the city, the first shot at reform efforts in this field. It proposes that the local government centralizes more than 80 percent of its state-owned assets in the strategic emerging industries as well as advanced manufacturing industries, and the service industries. It also plans to diversify investment sources and speed up listing companies.