On September 24, Chairman He Wenbo met Zhou Bo, Vice Mayor of Shanghai. Feng Guiquan, Deputy General Managers of Minmetals, attended the meeting. The two sides had extensive discussions on the topic of SOE reform.

He Wenbo introduced the asset size, business structure of Minmetals and its development in recent years. He said that with huge downward pressure on China’s economy, the reform of state-owned enterprises is imperative. On the occasion of the reform and restructuring of state-owned enterprises, Minmetals should be based on its own reality and learn from the pioneers of the reform. State-owned enterprises in Shanghai have taken the lead in reform. This visit has been scheduled to learn advanced experience and methods from Shanghai.

Zhou Bo extended his welcome to He Wenbo and his delegation, and highly appreciated the achievements of Minmetals in its development. He introduced a number of favorable factors and conditions of SOE reform in Shanghai, and shared his deep insights into the new round of SOE reform, especially in stimulating the vitality of entrepreneurs, establishing the legal representative-based corporate governance structure, and promoting contract-based management.

Before the meeting, He Wenbo and Feng Guiquan also held discussions with leaders such as Lin Yibin, Deputy Director of the State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government, and were briefed on the cases and experience in the pilot reform of state-owned enterprises in Shanghai. The two sides had in-depth discussions on the driving force behind SOE reform, the optimization of the ownership structure, internal management of enterprises and interface with external laws and regulations, and means of state-owned assets management.

Xu Yibo, Deputy Secretary General of the Shanghai Municipal Government and Director of the State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government; Lin Yibin, Deputy Director of the State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government; Zhang Ye, Director of General Office & Party Group Office & Board Office of Minmetals; Xu Zhongfen, General Manager of Strategic Planning Division of Minmetals; and Yu Bo, General Manager of Financial Division of Minmetals, were also present at the meeting.