China Sets New Goals for SOE Restructuring

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Last updated at: (Beijing Time) Thursday, May 09, 2002

China Sets New Goals for SOE Restructuring

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A senior Chinese official said on Thursday that this year's nation-wide restructuring of State-owned enterprises (SOEs) would focus on the military, non-ferrous metal, coal and some other key industries, after the textile sector's readjustment last year.

Jiang Qiangui, vice-minister of the State Economic and Trade Commission, told the PRC-Day Seminar of the 35th Asian Development Bank (ADB) Annual Meeting in Shanghai, that the latest goal was to fix the military industry's difficulties, which meant 160 military industrial enterprises would be closed down.

The key to guarantee success was to use all possible means to help re-employ those who were to lose their jobs, she said.

Creating more large companies and enterprise groups which were strongly competitive in the world market, was the solution for the SOEs strategic restructuring, Jiang said.

At the same time, it was necessary to set up a market-exit mechanism so that capable ventures could enjoy a better business environment and inefficient ones would be removed, the official stressed.

Improving the social security system would ensure the success of the restructuring drive in the military and other key industries in China, Jiang said. The government would do its best to create more training and re-employment opportunities for laid- off workers, she said.

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