SOE Re­struc­tur­ing

Beijing Review - - This Week Economy -

The Chi­nese Gov­ern­ment said on Au­gust 21 that it had ap­proved the re­struc­tur­ing of three cen­trally ad­min­is­tered state-owned en­ter­prises (SOEs).

Si­no­light Corp. and China Na­tional Arts and Crafts (Group) Corp. will be merged into the China Poly Group Corp. and be­come the lat­ter’s wholly owned sub­sidiaries, ac­cord­ing to a state­ment from the State-Owned As­sets Su­per­vi­sion and Ad­min­is­tra­tion Com­mis­sion (SASAC).

This will bring the num­ber of cen­tral SOEs to 99, down from 196 in 2003. The SASAC has long aimed to re­duce the num­ber of cen­tral SOEs to fewer than 100 as it ac­cel­er­ated re­struc­tur­ing and re­forms to make SOEs more ef­fi­cient and com­pet­i­tive.

China has com­pleted merg­ers be­tween 30 cen­tral SOEs since late 2012.

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