Zhang Xiwu, deputy director at China’s State-owned Assets Supervision and Administration Commission (SASAC), has stated at a press briefing in Beijing that over the next three years China will continue merging and revamping state-owned enterprises and will reduce their layers of management to cut excess staff.
Mr. Zhang also said that China plans to clean up 345 zombie state-owned enterprises over the next three years to unlock their vitality, while it also plans to eliminate 10 percent of steel and coal production capacity in the country in the next two years, focusing on outdated and excess capacity.