BEIJING - The State-owned assets management system will be strengthened, Chinese authorities said on Thursday.

New models and methods will be developed to "strengthen State-owned assets oversight with capital management at the core," said Huang Shuhe, vice chairman of the State-owned Assets Supervision and Administration Commission of the State Council.

The administration will look into establishing State-owned capital operating firms or reorganizing some State-owned enterprises into State-owned capital investment companies, Huang said.

The budgeting system will be improved, and the proportion of State-owned capital gains handed over for public finance use will be increased, Huang said.

The proportion of State-owned capital for public finance use will rise to 30 percent by 2020, he said.

The 16th National Congress of the Communist Party of China (CPC) took the decision to reform the system in 2002.

"Ten years of practice has proved that the decision was completely right," Huang said.

The Third Plenary Session of the 18th CPC Central Committee in November required further improvements to the system.

The current system is effective and must be upheld and improved, Huang said.