HSBC  12月30日报告。
      Despite a slow start to China’s state-owned enterprise（SOE）reform，we see some signs of acceleration in 2017.The reform proposals of China National Petroleum Corporation（CNPC）and Sinopec，which have a near-monopoly in China’s energy industry，were approved and implemented in December 2016.PetroChina’s sales subsidiary，Hainan Petroleum Branch Company（HPBC），sold 49% of its stake in two sessions of listed equity trading in November and December 2016.Sinopec，China’s biggest petroleum refiner and oil products producer，signed a capital increase agreement with China Life and the State Development & Investment Corp（SDIC）to invest a total of RMB22.8bn to buy a 50% stake in its Sichuan to East China gas supply pipeline subsidiary on 12 December 2016.