Reforms to China’s state-owned enterprises (SOEs) have been underway for four decades, however the progress of reform has ebbed and flowed over this period. While outsiders have long hoped that the role of SOEs in China’s economy would continue to diminish over time, the most recent reform measures appear to have strengthened their position; a trend which could be accelerated by measures to stimulate the post-COVID-19 recovery.

For further details, please see the China Economic Update – July 2020.