China is pushing ahead with plans to upgrade its lumbering state-owned enterprises, directing its leading technology firms to increase investment in underperforming state-owned enterprises.
Internet companies such as Tencent were being encouraged to forge stronger ties with state firms, Chinese media quoted Hao Peng, Communist Party boss of the country’s assets watchdog, the State-owned Assets Supervision and Administration Commission (Sasac), as saying. Sasac directly supervises more than 50tril yuan (RM30.07tril) of state assets.