Vice Premier Urges Further SOE Reform

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Last updated at: (Beijing Time) Saturday, December 08, 2001

Vice Premier Urges Further SOE Reform

Chinese Vice Premier Wu Bangguo urged state-owned enterprises (SOEs) to further carry out reform and strive for greater progress in next year's economic and trade work.

Chinese Vice Premier Wu Bangguo urged state-owned enterprises (SOEs) to further carry out reform and strive for greater progress in next year's economic and trade work.

Wu made the remarks at a recent national economic and trade working conference in Beijing.

He said this year's SOE reform has produced noteworthy achievements. Some 460 mergers have been carried out with a number of enterprises that declared bankruptcy.

At the same time, some 51.5 billion yuan in bad debts of the SOEs has been written off after verification, and more than 700,000 laid-off workers from SOEs have got re-employed. The vice premier focused on next year's SOE reform in his speech. "It is a must to develop a batch of giant industrial corporations and groups with strong competitiveness in the international market," he said.

Merging with bankrupt enterprises, especially in sectors of military industry, non-ferrous metals and coal production, will also be a major task in 2002, Wu noted.

He stressed that SOE technological upgrade should be sped up with the aim to promote the restructuring of the country's industries.

In addition, he called for efforts of the SOEs to make use of information technology in their management overhaul.

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