Reform of State-owned Enterprises and the Evolution of Industrial Chain Structure: A Review, Analysis, and Strategic Implications

This study employs a macroeconomic perspective integrated with the analytical framework of New Structural Economics to systematically deconstruct the dynamic evolution of China's industrial chain structure during the state-owned enterprise (SOE) reform process. The research reveals that the vertical structure characterized by “upstream SOE dominance and downstream private-owned enterprise (POE) competition” is an inevitable outcome resulting from the four-dimensional synergy of factor endowment evolution, national strategic iteration, external environmental constraints, and institutional transformation. As reforms deepen, the phased dominance of these four variables continuously reshapes the vertical structural morphology: during the capital-scarce initial industrialization phase, administrative division of labor resolves factor contradictions; under the wave of globalization, downstream export expansion enhances upstream SOEs' viability; during the financial crisis period, countercyclical interventions buffer systemic risks yet expose structural contradictions, forcing supply-side reforms; under technological blockade pressure, factor endowment transitions toward technology intensity, driving industrial chain restructuring. Throughout this process, the mission and functions of SOEs progressively undergo qualitative transformations: from scale expansion to value creation, from passive regulatory objects to policy implementation agents, and from industrial catch-up to innovation leadership. Future efforts must further deepen SOE reforms, focus on strategic core industries, and refine SOE-POE collaboration mechanisms to continuously enhance SOEs' viability and industrial chain resilience, ensuring national economic security while achieving high-quality development.