assets being transferred to social security funds to help finance pensions for China's aging population. This is part of a broader reform effort of restructuring the state sector to become a source of finance for public services. As part of the SOE reform goals outlined in 2015 by SASAC, SOEs are to be classified as either commercial or public service entities, with the former being required to distribute a higher proportion of their profits as dividends. Dividend payments are set to rise from 5–15% to 30% by 2020. Private sector Privately owned enterprises (POEs) are recognized as one of the components of the socialist market economy alongside state, collective and individually owned enterprises. The private sector has played an increasingly large role since the adoption of the 1994 Company Law. Additionally, the boundary between public and private enterprises have blurred in China as many publicly listed firms are under mixed ownership by various state and non-state entities. Additionally, private sector firms that operate in industries targeted for growth often receive favorable loans and preferential government treatment while SOEs in non-strategic sectors might be exempt from subsidies. As an example, ZTE Corporation is a majority state-owned enterprise that was forced to rely on equity markets whereas its employee-owned private sector competitor Huawei is viewed as a "national champion" and therefore received major state funding from state banks. Like their state-owned counterparts POEs are expected to follow state policies and are subject to party control, suggesting that the distinction between public and private ownership is not a meaningful distinction to make for understanding China's economic model. As of 2015, state control and state-directed development (in both public and private sectors) is the overriding feature of the Chinese economic system that plays a more substantial role than the public ownership of assets. While the private sector has been accorded a role in the socialist market economy and has greatly increased in size and scope since the 1990s, the private sector does not dominate the Chinese economy. The exact size of the private sector is difficult to determine in part because private enterprises may have a minority of their stock owned by state entities and because of different classification standards used for classifying enterprises. For example, in the first quarter of 2016 the National Bureau of Statistics of China reported fixed investment by private firms at 35%, and by wholly state-owned SOEs at 27%,