China issues blueprint for state industry overhaul that would retain ruling party dominance

BEIJING – China's Communist Party has issued a long-awaited blueprint for overhauling bloated state industries that retains the party's dominance in the economy.

The plan issued Sunday calls for state companies to be forced to compete more and become financially self-supporting. At the same time, it says the party will strengthen its leadership of state industry.

The plan gives no details of how individual companies in oil, banking, energy and other state-controlled fields will be treated.

The ruling party under President Xi Jinping has promised to make the slowing economy more productive by giving entrepreneurs and market forces a bigger role.

But control of key industries helps the party retain its monopoly on power and the leadership faces opposition from factions that benefit from their influence over politically favored companies.