China unveiled details on Sunday of how it would restructure its state-owned enterprises (SOEs), including partial privatization, as data pointed to a cooling in the world's second-largest economy.
The guidelines, jointly issued by the Communist Party's Central Committee and the State Council, China's Cabinet, included plans to clean up and integrate some state firms, the official Xinhua news agency said. It did not elaborate.
Reform of underperforming state-owned enterprises is one of China's most pressing needs. But if not handled well, the restructuring could lead to hundreds of thousands of people being laid off and social instability.