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China to unveil 3-year plan to overhaul state-owned enterprises in 2020

China said it will roll out a three-year plan for reforming state-owned enterprises early in 2020, state-owned Xinhua News Agency reported.

As part of the mixed-ownership reform, policymakers will focus on redesigning the ownership structure and attracting strategic investors while limiting investment in noncore businesses and accelerating the divestiture of noncore operations and businesses without advantages.

The State-owned Assets Supervision and Administration Commission of the State Council, or SASAC, reportedly said state-owned enterprises' operations will be redefined in 2020. SASAC Director Hao Peng said central enterprises should strengthen the management of joint-stock enterprises.

The Central Committee of the Communist Party of China also proposed a supervision system for state-owned assets based on capital management, with regulatory focus effectively shifting to areas including capital distribution and increasing capital returns, the Xinhua News Agency reported.

The announcement came after Tewoo Group Co. Ltd.'s recent U.S. dollar-bond default, which was China's first instance of debt restructuring by a state-owned entity in two decades.