Shanghai is welcoming private investors to participate in a State-owned enterprise stockholding reform that it hopes will be completed within the next five years.

The municipal government unveiled its opinions - a de facto action plan - on the knotty reforms on Monday, the first of their kind among local governments and what should serve as an important reference for the central authority, many believe.

The purpose of the reform is to improve the performance by SOEs in both the marketplace and in serving the public.