On December 12, Beijing Administration for Industry and Commerce issued a new business license to China National Nuclear Corporation (CNNC), marking the successful completion of the corporate reform of CNNC headquarters. CNNC changed its name to China National Nuclear Corporation Limited (CNNC), and the type of enterprise was changed from wholly state-owned to limited liability.
Not only CNNC was renamed, but it is already going through restructuring such as most of the largest state owned enterprises. On July 18 this year, the General Office of the State Council promulgated the Implementation Plan for the Reform of the Corporate System of Central Enterprises (Guo Ban Issue [2017] No. 69).
According to the plan: Corporate system is an effective organizational form of modern enterprise system, which helps to separate state-owned enterprises from enterprise-level 1. The corporate governance of the Company is gradually improved and the management level of the enterprise steadily enlarged.
By the end of 2017, all central state-owned enterprises (excluding the central finance and cultural enterprises) registered under the “People’s Republic of China-governed Industrial Enterprises Law” and regulated by the State-owned Assets Supervision and Administration Commission of the State Council shall be all reorganized into the Level 1 in accordance with the “Company Law of the People’s Republic of China” as Limited liability companies or joint stock limited companies.
