State-owned enterprises State-owned enterprises refer to wholly state-owned enterprises, wholly state-owned companies and state-owned capital holding companies that the State Council and local people's governments perform the responsibilities of investors on behalf of the state respectively. PICC P&C, whose full name is China People's Property Insurance Co., Ltd., was established in July 2003. It is affiliated to China People's Insurance Company and one of the well-known property insurance companies in Asia. According to Aiqi's inquiry, among the shareholders of PICC P&C, the Ministry of Finance holds more than 70% and the Social Security Fund holds 10%, which is a typical state-owned holding enterprise. Therefore, PICC P&C is a state-owned enterprise.