| Number of central SOEs cut to 155 in China |
BEIJING, July 21 (Xinhua) -- The number of China's state-owned enterprises(SOEs) affiliated to the central government, or the country's central SOEs, hasdropped from 157 to 155 in a state-pushed drive to restructure and streamlinethe group.
China Travel Service (CTS) (Holdings) Corp. was merged into CTS(Holdings)Hong Kong Ltd., while China Textile Industrial Engineering Institute became asubsidiary of China National Petroleum Corporation, according to Friday'sannouncement by the State-owned Assets Supervision and Administration Commission(SASAC).
The SASAC has planned to cut the number of major enterprises under itscontrol from 157 to between 80 and 100 by 2010, but a SASAC research fellow WangZhigang said earlier the goal would be met by the end of next year.
The Chinese central government will also focus on developing 30to 50enterprises to better compete with foreign firms.
SASAC Director Li Rongrong said in an earlier report that the state assetsagency will concentrate strategic industries like military, electric power grid,petroleum and chemical, telecommunications, coal, civil aviation and shippingindustries.
The watchdog will also emphasize key companies in auto, construction,electronic information, steel and machinery manufacturing industries, Li said.
The assets regulator, set up in 2003 to take control of big statecompanies, has cut the number of major SOEs by promoting mergers andacquisitions and allowing poorly performing state firms to go bankrupt.
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