In order to deepen reform of State-owned enterprises (SOEs) to boost productivity, China introduced the “double-hundred action” plan which selected more than 100 subsidiaries of centrally-administered SOEs and more than 100 local SOEs to implement reforms between 2018 and 2020. In a meeting held by the State Council in early October 2020, the State-owned Assets Supervision and Administration Commission announced that it will continue to promote the structural adjustment of SOEs, break local protectionism and administrative monopolies and enhance cooperation between SOEs and the private sector. Analysts argued that the new round of reforms is expected to unleash commercial vitality, promote fair competition and implement a market-oriented remuneration system to fuel innovation and better reward outstanding performances.
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