China says more state companies might be sold off but Beijing will control major industry

BEIJING – A Chinese official says more state-owned companies might be spun off as private entities to help improve economic growth but Beijing will keep control of major industries.

The deputy chairman of the Cabinet agency that controls China's biggest state companies, Huang Shuhe, said Thursday regulators are working on plans to increase the private ownership stake in some major companies.

A Communist Party development plan issued last month promises to open more industries to private and foreign competition. Economists say Beijing must curb the dominance of state companies that control fields including telecoms, banking and energy.

Huang said Beijing will retain ownership in industries that are considered economically critical but would sell stakes in others, possibly ending its ownership entirely. He gave no details of what companies might be affected.