China's SOE reform in slow lane as Party keeps its hands on the wheel
Thousands of SOEs still debt ridden, inefficient because political goals take priority over business ones
Beijing
WHEN China announced with resolution that it was reforming its state-owned enterprises (SOEs) more than four years ago, many were hoping the government would finally address the sensitive issues of their vested interests, inefficiency and cheap miss-allocated credit by banks that had been weighing on the Chinese economy as a whole.
Four years after China's trumpeted announcements, some leeway has been made, but all in all China's tens of thousands of SOEs remain debt ridden, inefficient and still very much state-owned.
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