China’s State Grid Plans to Allow Private Capital: Info DailyAibing Guo
State Grid Corp. of China, the country’s biggest power transmitter, could open up some units to private investment, the Economic Information Daily reported today, citing unidentified people.
The state-owned company is making plans for “mixed-ownership reform” of businesses involved in power transmission, electric car-charging and hydro power, the newspaper said.
China’s biggest state-owned companies, including PetroChina Co. and China Petroleum & Chemical Corp., are selling stakes in assets after Premier Li Keqiang pledged to allow non-state capital in oil and power projects and to speed up the development of mixed-ownership entities.
Wang Yanfang, State Grid’s Beijing-based spokeswoman, didn’t answer two calls to her office seeking comment.
State Grid serves 1.1 billion people in China and its power transmission networks cover 88 percent of the nation, according to its website. The company has total assets of 2.35 trillion yuan ($378 billion) and 1.86 million employees.