A meeting conflating the 2024 State-owned assets and State-owned enterprises high-quality development summit and the 10th State governance summit took place in Beijing on Nov 21. Wang Yong, vice-chairman of the Chinese People's Political Consultative Conference National Committee, addressed the event.

Wang highlighted the significant breakthroughs achieved in the reform of State-owned assets and State-owned enterprises (SOEs) in the new era, which resulted in marked improvements in quality and efficiency and the reinforced role of the State-owned economy.

Wang emphasized the need to advance comprehensive and in-depth reforms to support the high-quality development of State-owned assets and SOEs. He called for upholding and strengthening the overall leadership of the Communist Party of China over SOEs, focusing on their core responsibilities, and striving to build the strength, quality and size of SOEs. 

Efforts are needed to leverage the advantages of the new system for mobilizing the resources nationwide alongside the principal role of enterprises to integrate technological and industrial innovation, and foster new quality productive forces, he said.

He also stressed the need for complementary development of both the public economy and the private economy, in order to build a national economy that is globally competitive.