Shanxi has set goals for improving the competitiveness of State-owned companies, according to the work reports issued at the 11th Party Congress of Shanxi province.

To reduce the debt-asset ratio of State-owned companies, Shanxi will further the reform of companies' shareholding structure as well as rearrange State-owned capital to support the transformation of the companies following comprehensive evaluation of their assets.

In the management sector, a better system will be established to solve the overstaffed situations existing in companies.

State-owned firms will also recruit veteran managers from both home and abroad, while promoting innovation in management and business models.

In addition, the province is to improve the State-owned asset management system targeted at diversifying the portfolios of State-owned companies. Mergers and acquisitions will be applied to enhance resource allocation and specialization within businesses.