SOEs sign massive deals to expand imports
Despite foreign complaints, companies share domest
China’s State-owned enterprises (SOEs) have moved swiftly in heeding a national call to expand imports of goods and services, as they sign major import deals in Shanghai with foreign companies in sectors covering energy to machinery.
As they have been a main target of increased foreign criticism in recent years, Chinese SOEs are vowing to share opportunities in the Chinese market with foreign partners. Analysts said that despite unfair accusations aimed at SOEs, they will continue to pursue market-oriented reforms as well as overseas cooperation.
During the ongoing China International Import Expo (CIIE) in Shanghai, China Energy Corp on Wednesday purchased equipment such as tires, engines and compressors from 21 global suppliers.
China National Machinery Industry Corp (Sinomach) on Tuesday signed 21 import purchasing contracts with companies from 16 countries including the US, India, Ukraine and Portugal. The contracts are valued at about $8.4 billion in total.
The Sinochem Group Co also signed purchase contracts worth more than $11.3 billion with 17 business partners. The company purchased products in 19 categories such as high-quality fertilizer and high-end chemicals.
The deals by the SOEs are an active response to the government’s call for increasing imports in an effort to balance China’s trade and better position themselves as they face intensifying foreign scrutiny, analysts noted.
Under the general context of boosting imports, SOEs will take the lead, according to Hong Junjie, a professor at the University of International Busi- ness and Economics.
“Given the size of SOEs, they wil also be able to make larger purchase compared with many private compa nies,” Hong told the Global Times on Wednesday.
Hong also said that foreign com plaints about SOEs are unfair and