The nation will accelerate the reform of its gigantic central State-owned enterprises so they can expand globally, modernize their management and become more innovative, said a senior official on Wednesday.

Yan Xiaofeng, secretary-general of the State-owned Assets Supervision and Administration Commission, said the agency is drafting a major reform plan, which will be announced by the State Council (cabinet) early next year.

Similar reforms have already started at many SOEs in provincial-level areas.