Among the world's top 500 companies, 83 are Chinese State-owned enterprises. While realizing accelerated self-development, China's SOEs have also made important contributions to the country's economic and social development, technological progress, national defense build-up and improvement of people's livelihoods.

All these achievements stem from the dynamics and vitality they have continuously acquired through deepened reforms.

Due to the formation of a guiding policy system in recent years, China has taken substantial steps toward reforming its SOEs, from accelerating their restructuring and improving the State-owned assets management system to transforming their operating mechanisms and strengthening their Party building.

However, reform of SOEs in China is now an uphill task, given that SOE reforms have entered the deep-water area and a number of challenges have emerged. These, along with complicated economic circumstances at home and abroad, mean reform of the SOEs as a systematic project will not be completed overnight or always proceed smoothly.

But the more difficulties we face, the greater courage we need to advance reform of SOEs to further release their potential vitality. In its ongoing all-out efforts to deepen reforms, therefore, China must prioritize reform of its State-owned enterprises.

To facilitate the needed reforms of its SOEs, China must smash institutional and systematic barriers so that the SOEs can really become key players in the market economy. Only by successfully implementing the reforms can China forge a batch of competitive market actors of its own.

Reform of its SOEs should be under the precondition that they are under the Party's leadership and Party-building within them is strengthened. With a powerful and efficient Party leadership, China's SOEs can further sharpen their advantages and consolidate their foundation for further development.

--Xinhua News Agency