On January 19, Shen Ying, Chief Accountant of SASAC, met with Mr. Alastair Wilson, Head of Moody’s Global Sovereign Rating.
Shen Ying updated the performance of central SOEs in 2016. She focused on the measures adopted and progress made by central SOEs to cut overcapacity, deleverage financing, promote debt-to-equity swap and deal with zombie enterprises and enterprises operating with special difficulty. She also talked about the progress made in SOE reform. She pointed out that SASAC and central SOEs have taken effective measures and paid much attention to innovation to continuously enhance the performance of enterprises. As a result, central SOEs’ development and profit turned out to be stable and sound, which was better than expectation. She hoped that Moody’s will evaluate the reform and development of central SOEs in a just and objective way and rationally manage the prospects.
Wilson said that SOE reform is an important part of the supply side structural reform and will exert far-reaching impact on the sustainability of mid-term economic growth. Moody’s attaches great importance to the development of central SOEs and their reform measures.
