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Mayor urges state-owned enterprises to step up efforts in reforms

    Shanghai Mayor Ying Yong and Executive Vice Mayor Zhou Bo inspected Shanghai International Group and Shanghai Guosheng Group on Monday.

    The mayor said the state-owned enterprises' reforms have reached an important juncture and the reforms should be further deepened in line with the directions of President Xi Jinping and the State Council.

    The State-owned enterprises' vitality, competitiveness, influence and control in major fields concerning the people's wellbeing need to be strengthened. Shanghai should be built into a model city for state-owned enterprises.

    After learning about the two groups' operations at a subsequent seminar, Ying pointed out that the two state-owned platforms are the epitomes of the city's state-owned enterprises' reforms and they have contributed to the city's economic transformation and upgrade, and their respective roles as state-owned platforms, state-owned assets operating entities, and state-owned assets channels need to be further consolidated.

    Shanghai International Group should exert its financial advantages to support the city's financial institutes' development and the settlement of national financial factors in the city, serve the city's "five centers" and the Free Trade Zone, and support the Belt and Road Initiative.

    Guosheng Group should exert its industries' influence to promote the investment and service development in industries such as large airplanes, integrated circuit, software and information, maritime nuclear power, military and civilian integration.

    The reforms of both groups should focus on the state-owned assets supervision mechanisms, setting up joint-action mechanisms between state-owned assets operation platforms and state-owned enterprises, and improving the platform companies' operation mechanisms, internal management structures, rewarding and employing policies.

    Also, the two groups should explore new business models, promote the development of real economy, facilitate the strategic layout of the city's financial functions, upgrade the management of state assets and investments, standardize management in all fields and impose strict self-discipline rules among enterprise leaders, the mayor stressed.