The state-capital-intensive oil industry has been placed at the forefront of mixed ownership reform, an idea that has been revisited by China’s senior leadership since last November. But despite a series of positive indicators, Caijing found that the reform still has a long way to go.
The “vigorous development of a mixed ownership economy” was proposed as early as 2003 during the Third Plenary Session of the 16th CPC Central Committee.
The government has in recent years introduced measures to widen the scope of private capital investment to include basic industries and infrastructure, public utilities, the financial sector, and even defense technology. But in reality, these policies have not been effectively implemented due to a variety of subjective and objective factors, the most of important of which is that top-level policy design has not been completed.
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