China to intensify auditing of state firms’ overseas investment
China’s central authorities made public a plan recently to step up auditing of overseas investment by state-owned enterprises (SOES) and strengthen supervision of state-owned capital.
The plan, jointly issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council, is aimed at helping boost the vitality, competitiveness and risk-resistance of state-owned businesses.
The country will enhance supervision over state assets through strict audits of SOES, their overseas investment and state-owned capital as well as performance assessment of state company managers, according to the plan posted on the government website.
The country will also promote progress in SOE reforms, protect the safety of state assets and enhance capital returns, it said.
As of the end of 2016, total assets of China’s SOES hit RMB 131.72 trillion (approximately USD 19.1 trillion at the time of printing), according to statistics from the Ministry of Finance.
and thus offload some of Beijing’s “non-capital functions”. It will also create a new model of optimized development in densely populated areas and restructure the urban layout of the Beijing-tianjin-hebei region.
The Xiongan New Area, according to the announcement, is a historic and strategic choice, and being similar to the Shenzhen Special Economic Zone in South China’s Guangdong province and the Shanghai Pudong New Area in East China, it will serve as an economic engine and advance the coordinated development of the Beijing-tianjin-hebei region.
In fact, the Xiongan New Area has greater potential than the Shenzhen and Shanghai zones. It will start as an 100 sq km zone, and in the long run cover 2,000 sq km - an area larger than that of the Shenzhen SEZ’S 1,900 sq km and the Pudong zone’s 1,700 sq km. And being close to Beijing, the new economic zone will enjoy incomparable geographical advantages.
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