In this episode of Closer to China, three questions about state-owned enterprises (SOEs) are up for discussion. First, what’s the optimal role of SOEs in China’s “Socialist Market Economy”? Second, what’s the optimal relationship between SOEs and private companies in different industries? Third, what’s the optimal structure of SOE management and governance, including state controls? Everyone agrees there is a need for SOE reform, but what kind of reform, and how fast?