Learn Chinese online - China to retain not more than 100 SOEs

Home Business China International Culture��Edu Sci��Tech Sports Life Travel P
hotos

��Search

  China Observer

�� Maternity & child care improved in Tibet

�� More Chinese women act as gov't officials

�� Half of Shanghai's "one child" live with parents

  Photos

�� McGrady "danced with lions" in Shanghai

�� Vase-shaped fossil wood

�� Hotel uniform show

��Home>>

China to retain not more than 100 SOEs

www.chinanews.cn 2005-09-01 15:45:15

Chinanews, Sept. 1 - According to the requirements set by the State
Council, the State-owned Assets Supervision and Administration Commission
(SASAC) is establishing guidelines and views on the re-adjustment of
state owned capital and reorganization of state-owned enterprises (SOE).
Once this work is accomplished, SASAC will accelerate in turning the
research into policies governing the reorganization of SOE's by next year.
SASAC director Li Rongrong said that the reorganization and adjustment of
SOE has to use the enterprise as its main body, in accordance with the
principle of operating by market forces and allowing a properly set up
board of directors to actually run the company. All these require, as a
next step, a big push forward towards these goals.
"SASAC's goals are clear, to accelerate the growth and expansion of 80 to
100 major companies or corporate groups that are technologically
advanced, reasonably organized, flexibly managed, possessing independent
intellectual property and strong international competitiveness, thus
speeding up the reorganization and adjustment of centrally-owned
enterprises, pushing state capital towards critical areas of important
enterprises involved in relevant state security and state economic
lifeline activities and to pull SOEs towards those major companies that
are internationally competitive." Li Rongrong said.
Up till the end of 2004, SOE has total assets approaching 9.2 trillion
RMB (US$1.13 trillion) and net assets of 3.9 trillion RMB. In Fortune
magazine's 2004 world ranking of the top 500 corporations, eight SOE's
including State Grid Corporation PetroChina, Sinopec, China Mobile, China
Telecom, Sinochem Corporation, Shanghai Baosteel and China National
Cereals, Oils and Foodstuffs Imp. & Exp. Corp. supervised by SASAC, made
the cut, two more than the 2003 ranking.

          ��SASAC starts large-scale merger and acquisition

Copyright� 2004 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
Disclaimer: viewpoints in the website do not represent China News Service

Learn Chinese, Learn Chinese online