(Yicai Global) Aug. 15 -- China National Petroleum Corp. announced its deadline for completing its mixed ownership reform, making it the first central state-owned enterprise to respond to a document issued half a month ago by the General Office of the State Council requiring 69 central state-owned groups to complete their corporate restructuring by the end of this year.

CNPC and enterprises owned by the whole people will finalize their reorganization by the end of November this year, CNPC said in a recent video conference on the matter.

The Stated-owned Assets Supervision and Administration Commission (SASAC) has been holding forums on corporate system reform since June and plans for parent companies of central stated-owned enterprises to submit their plans by the end of September and finish restructuring by the end of November. China's state-owned enterprise reform has entered the home stretch and will lay a foundation for the further standardization of board operations, equity diversification and mixed ownership reform.

Among China's 101 central state-owned enterprises, 69 are still enterprises owned by the whole people, per data disclosed by the SASAC. State-owned assets worth USD1.95 trillion (CNY13 trillion) have not been reformed, accounting for 26 percent of all state-owned assets.

The corporate system restructuring of China's state-owned enterprises can be traced back to 1993 and is encountering more difficulties as it progresses. The state-owned enterprise reform is complicated, involves many credit and debt relationships, and may require an expenditure of several hundred million yuan for asset assessment and dozens of billions of yuan in tax payments, Li Jin, chief researcher at the China Enterprise Research Institute, told Yicai Global

CNPC has completed the reform of most subsidiaries through restructuring and listing. CNPC's listed companies include PetroChina Co. [SHA:601857], CNPC Capital Co. [SHE:000617] and China Petroleum Engineering Corp. [SHA:600339].