an effort to create larger and more competitive national champions with a bigger global market share by reducing price competition among SOEs abroad and increasing vertical integration. Overall, China's focus on SOEs during the Xi era have demonstrated a commitment to using SOEs to serve non-market objectives and increasing Party control of SOEs while taking some limited steps towards market liberalization, such as increasing mixed ownership of SOEs. Along with increased mergers, promotion of mixed ownership, and management of state capital have continued; results have been mixed. State Council (Central Government) China Investment Corporation Central Huijin Investment China Jianyin Investment China Everbright Group SASAC of the State Council As of 2022, SASAC oversees 97 centrally owned companies. Companies directly supervised by SASAC are continuously reduced through mergers according to the state-owned enterprise restructuring plan with the number of SASAC companies down from over 150 in 2008. Ministry of Finance Ministry of Education Peking University Founder Group (70%) Peking University Resources Group (30% by Founder Group, 40% by Peking University directly) Peking University Resources (Holdings) (65.96% collectively by Founder Group and PKU Resources Group) Founder Technology Founder Holdings Jade Bird Software (48%) Beida Jade Bird Universal Sci-Tech (24.05% collectively) Sinobioway Group (40% as minority shareholder) Regional Governments Governments below the national level operate portfolios of SOEs which operate both domestically and abroad. Anhui Province Anhui Conch Cement Masteel Group (49%) Beijing Municipality Beijing Guoxiang Asset Management UBS Securities (33%) Beijing State-owned Capital Operation and Management Center Shougang Shougang Company Shougang Concord International CSC Financial (37.46%) Chongqing Municipality Chongqing Iron and Steel Company Gansu Province Gansu SASAC Baiyin Nonferrous (36.16%) Guangdong Province Guangdong Rising Asset Management Zhongjin Lingnan (36.04%) Rising Nonferrous Metals Share Guangdong Hengjian Investment Holding (100%) Shaoguan Iron and Steel Group (49%) Guangdong Provincial Communication Group Guangdong Provincial Railway Construction Investment Group Guangdong Holdings Guangdong Investment (54.68%) TCL Corporation (36%) Tonly Electronics Holdings Limited (48.70%) Shenzhen City Shenzhen Capital Group Zhuhai City Gree Group (100%) Gree Electric (sold in 2019) Gree Real Estate Guangxi Zhuang Autonomous Region Guangxi Non-ferrous Metals Guizhou Province Kweichow Moutai Group Kweichow Moutai Hebei Province Hesteel Group Hesteel Company Hansteel Tangsteel Heilongjiang Province Beiman Special Steel (41.37%) Hubei Province Wuhan City Wuhan Financial Holdings Group (100%) Founder BEA Trust (67.51%) Liaoning Province Dongbei Special Steel Beiman Special Steel Shanghai Municipality Shanghai Data Exchange Shanghai Jiushi Group Shanghai Municipal Investment Group Shanghai International Port Group Shandong Province