August 28, 2017 / 3:56 AM / 2 years ago

China sets up fund to aid SOE reforms - China Securities Journal

SHANGHAI, Aug 28 (Reuters) - China has set up a fund dedicated to supporting mixed-ownership reforms by state-owned enterprises (SOEs), the official China Securities Journal reported on its website on Monday.

The fund, launched by state-backed China Structural Reform Fund Co, will have an initial capital of 5 billion yuan ($752.7 million) and will invest in SOEs controlled by both central and local governments that undergo mixed-ownership reforms, the newspaper said.

The launch of the fund sends a signal that China will step up SOE restructuring. Beijing is pushing mixed ownership reforms as part of plans to revive the bloated and debt-ridden state-owned sector and create conglomerates capable of competing on the global stage.

China Unicom recently unveiled plans to raise 77.9 billion yuan ($11.7 billion) through an ownership reform plan that some observers consider as a model case for revitalising Chinese state firms with private capital.

$1 = 6.6424 Chinese yuan Reporting by Samuel Shen and John Ruwitch; Editing by Jacqueline Wong

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