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Restructuring of SOEs centred
www.chinanews.cn 2005-08-20 14:27:16
(Source: China Daily)
Aug. 20 - Speeding up the shareholding restructuring of State-owned
enterprises (SOEs) remains the highlight in the second half year,
according to an SOE work conference on Friday.
"Strategic investors are welcomed to push the restructuring or listing of
SOEs' core business," said Li Rongrong, minister of the State-owned
Assets Supervision and Administration Commission (SASAC), the watchdog
that acts as the State owner of central SOEs.
Meanwhile, SOEs should strive to introduce the board to further improve
the corporate governance.
And the reshuffle and adjustment of SOEs will further move on.
"Our target is developing 80 to 100 enterprises with top-notch technology
and competitiveness in the international market through the reshuffle,"
Li said.
The number of central SOEs has shrunk from 196 to 169 in the past two
years.
In line with the economic globalisation, many SOEs had stepped up their
expansion into the international market.
China Metallurgical Construction Group joined hands with China Minmentals
Corp to export complete sets of metallurgy equipments valued US.5 million
to South Africa, a breakthrough for China's metallurgy equipments export.
A subsidiary company of China Harbour Engineering Group signed a lift
contract valued US million with Rotterdam port, the largest contract in
the industry.
SOEs reported a sharp profit growth in the first half-year, thanks to the
sound national economic development and the deepening of shareholding
restructuring.
Those flagships of their industries earned 298.8 billion yuan (37 billion
USD) in profits in the first six months of 2005, a 29.1 per cent increase
on a year-on-year basis.
The growth rate was 4.5 percentage points higher than sales income in the
same period, which topped 3.1 trillion yuan (382 billion USD).
These enterprises also saw a 27.1 per cent jump in industrial output,
which totalled 1.9 trillion yuan (234.5 billion USD) in the first
half-year. And SOEs' investment on fixed assets maintained a steady
growth, hitting 388.5 billion yuan (47.9 billion USD), 3.7 per cent lower
than the social average.
But there are still problems, Li Rongrong said. A total of 106 SOEs saw a
profit setback compared with the same period of last year, and part of
them suffered from a soaring cost.
"Although the price hikes from energy and raw materials contributed to
the jump of cost, lack of an efficient cost-controlling system and rapid
increase of labour cost should never be neglected," an analyst with China
Securities told China Daily.
��Northeastern SOEs to get tax break (2005-08-08)
��SOEs reported big economic growth in 2004 (2005-06-15)
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