Given the idea of SOEs reform, the 18th National Congress has proposed the model of "asset management", and targeted on promoting the ownership diversification. ANBOUND""s chief researcher Chen Gong repeatedly stresses that the model is similar to ANBOUND’s “common fund”. But in practice, he found that the focus of diversification is on mutual holding among SOEs and increasing employees’ holding, which constrain the reform in a structural framework. Besides, the SOEs have integrated to be some mixtures by mutually holding each other’s shares. They can easily control the assets with leverages. If the structural limitation cannot be broken, the so-called SOEs reform is nothing but structural adjustment, far way from real reform.
