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Xiao Yaqing meets with South African President H.E. Matamela Cyril Ramaphosa

Updated: 2018-10-25

Xiao Yaqing, Chairman of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), met with H.E. Matamela Cyril Ramaphosa, President of South Africa, on Oct 12, and exchanged ideas on reform and development of Chinese state-owned enterprises (SOEs) and the pragmatic cooperation on SOEs and state-owned assets between China and South Africa.

 SASAC Chairman Xiao Yaqing (L) poses for photo with South African President Matamela Cyril Ramaphosa.jpg

SASAC Chairman Xiao Yaqing (L) poses for photo with South African President Matamela Cyril Ramaphosa on Oct 12. [Photo/sasac.gov.cn]

Xiao briefed on the management system of China's state-owned assets, the operation of SOEs and the practices for deepening  SOE reform.

President Xi Jinping attaches great importance to the reform of SOEs and has repeatedly made remarks pointing out the direction and providing guideline for the reform, Xiao noted. 

Over the past 40 years of SOE reform, China has consistently upheld and improved the basic economic system, adhered to the direction of socialist market economic reform, stuck to the criterion of emancipating and developing productive forces, insisted on intensifying incentives and enhancing vitality, as well as strengthening supervision and preventing state assets loss, according to Xiao.

SASAC will implement the guiding principles of the 19th CPC National Congress and the strategic deployment of the central government, further deepen SOE reform, support state capital in becoming stronger, doing better and growing bigger, and speed up to turn our enterprises into world-class globally competitive firms, he stressed. 

He went on to say that SASAC will encourage and support Chinese central SOEs to participate in the reform and development of the SOEs of South Africa, carry out pragmatic cooperation for mutual benefit and win-win result with the guidance of the important consensuses reached by President Xi and President Ramaphosa as well as the fruits of the Beijing Summit of the Forum on China-Africa Cooperation, so as to contribute to the bilateral economic and trade relationship and the livelihood improvement of people in the two countries.

According to Ramaphosa, South Africa is drafting a plan for the reform of its SOEs to improve their efficiency, competitiveness and help realize the goals on economy development, people's livelihood, job creation and price stability.

He hoped that South Africa can benefit from the successful experience and effective practice of China's reform of SOEs and looked forward to seeing continuous exchanges and interactions between China's SASAC and as well as their respective portfolio SOEs and South Africa's Department of Public Enterprises, and the sharing of more experience on reform and governance.

South Africa will make more efforts to attract foreign investment to facilitate its re-industrialization, he said, adding that he expected more Chinese enterprises, in particular Chinese central SOEs, to invest in South Africa.

 Xiao (2nd R) visits South Africa's state-owned power company Eskom.jpg

Xiao (2nd R) visits South Africa's state-owned power company Eskom. [Photo/sasac.gov.cn]

Xiao also held a meeting to discuss topics such as governance, listing & corporatization, performance assessment and remuneration and social responsibility of SOEs with South African Minister of Public Enterprises Pravin Gordhan, Minister of Economic Development Ebrahim Patel, as well as board members  of several large South African SOEs. 

During Xiao's visit to South Africa, Xiao visited South Africa's largest state-owned company Eskom, and CRRC-Transnet Rail Transit Equipment Co, Sinosteel South Africa (PTY) Ltd and Longyuan South Africa Renewable (a CHN Energy subsidiary). 

Lin Songtian, Chinese Ambassador to South Africa, also attended the meeting.



(Executive editor: Hao Wen)


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