China to Transform SOEs Using Foreign Fund

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Last updated at: (Beijing Time) Monday, March 25, 2002

China to Transform SOEs Using Foreign Fund

China will transform its state-owned enterprises (SOEs) using foreign investment, in order to upgrade them into modern companies, Dai Xianglong, governor of the People's Bank of China, told the China Development Forum 2002 on Sunday.

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China will transform its state-owned enterprises (SOEs) using foreign investment, in order to upgrade them into modern companies, said Dai Xianglong, governor of the People's Bank of China Sunday.

He told the China Development Forum 2002 that China had entered a new phase of using foreign investment. In the near future, China would attract further foreign capital in combination with domestic investment.

He said many SOEs had built up joint ventures after obtaining foreign investment and thus sharpened their competitive edge.

Dai said China would attract more foreign capital to promote financial reform. Meanwhile China would support domestic companies in buying foreign currency and investing abroad.

At present, China's foreign exchange reserves, net assets of commercial banks abroad and Chinese enterprise investment overseas reached 350 billion U.S. dollars.

He said that as Chinese residents and enterprises had more foreign currency savings, legal financial institutions could be set up to collect the money and invest overseas.

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