China will shape a new framework to manage state-owned assets within three years, said Li Rongrong, minister of the State-Owned Assets Supervision and Management Commission.

Li, addressing a forum of the World Economic Development Declaration Conference (WEDDC) Friday, said restructuring state- owned enterprises (SOEs) is still the major task and even more urgent than before, he said.

Some SOEs are encouraged to be listed or introduce overseas investors to develop a modern corporate governance and diversify the ownership, Li said.

China welcomes multinationals to engage in the restructuring of SOEs as strategic investors, he added.

Last year, China's 159,000 SOEs earned 378.6 billion yuan (45. 78 billion US dollars), reporting a total asset worth of 18 trillion yuan (2,18 trillion US dollars) and 46.8 million employees.

China aims to first set up modern corporate governance in large SOEs, Li added.

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