A central government report issued on Wednesday urged State-owned enterprises to accelerate their corporatization and concentration process to increase competitiveness.

Corporatization refers to the process of transforming a State-owned company into an entity with a corporate structure usually found in publicly traded companies, in order to adopt corporate management models.

The report, submitted to a bimonthly session of the top legislature, identified the underdevelopment of the companies' corporate governance models as the main problem faced by SOEs.