China's State-owned Assets Supervision and Administration Commission (SASAC) has made revisions for reform guidelines for the country's state-owned enterprises (SOEs) and submitted them to the State Council for final approval.

The submission follows its recent consultation with the country's SOEs over reform measures, the Beijing-based Economic Information Daily reports, citing an unnamed insider.

As the reforms involve several ministries, they need further coordination by the State Council, which should soon approve the guidelines, the source said.

The revisions have not stained the original pigments of the reform, which will include mixing private ownership with SOEs, introducing private capital into SOEs, and opening sectors which now still need special permission or are monopolized by SOEs. The guidelines will also set rules on listings, acquisitions, reorganizations, and project investments, aggressively introducing private capital and strategic investors into SOEs.

Investments from SOEs in private operators will hit the test phase this year, and will not see any large-scale investments at the moment.

The guidelines will implement the reforms together with the government's anti-corruption policy, setting thorough asset protection mechanisms to ensure open and fair evaluation procedures to prevent from losses of national assets during the reforms.

One unnamed SOE executive said he suggested the SASAC choose one or two SOEs to conduct test operations in implementing the employee stock ownership plan, marketizing talent recruiting, and giving high pays to executives, and then gradually expanding such operations.

Regarding mixing private ownership with SOEs, many SOEs actually have been initiating their internal programs, but once the reform guidelines are unveiled, these SOEs will surely accelerate their reforms, several SOE executives said.

Many SOEs have adopted a wait-and-see attitude so far, because the reforms have involved many sensitive issues and should not be taken immediately. They suggested the SASAC choose one or two SOEs to conduct test-run reforms first, make timely studies and a resolution so as to help other SOEs push for the reforms afterwards, said one executive of a SOE in the real estate sector.

The reforms will provide even more investment opportunities for private enterprises in SOEs without involving national security, key sectors supporting the national economy, and key technologies, the report said.