BEIJING, July 19, 2016 (Xinhua) -- Yu Zhengsheng (C), chairman of the National Committee of the Chinese People's Political Consultative Conference, presides over a consultation on industrial upgrading in northeast China's Liaoning, Jilin and Heilongjiang provinces, in Beijing, capital of China, July 19, 2016. Chinese Vice Premier Zhang Gaoli (2nd R) attended the conference. (Xinhua/Yao Dawei)
BEIJING, July 19 (Xinhua) -- Political advisors called for reform of state-owned enterprises (SOEs) in a high-level consultation on industrial upgrading in northeast China's Liaoning, Jilin and Heilongjiang provinces.
The conference was presided over by Yu Zhengsheng, chairman of the Chinese People's Political Consultative Conference National Committee and attended by Vice Premier Zhang Gaoli.
The advisors suggested that SOE corporate governance should be overhauled, social security be improved, and overstaffed companies be downsized properly, according to a statement released after the meeting.
The three provinces were an important industrial base in China. But their growth rates are now among the lowest, mainly due to inefficient SOEs, which were and are the economic backbone in the region.
After hearing the suggestions, Zhang said the government will deepen SOE reform and support private businesses as well.
He also reiterated the significance of mass innovation and entrepreneurship in industrial upgrading in the three provinces.