China's State-owned Assets Up 10.6 Percent in 2001

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Last updated at: (Beijing Time) Wednesday, June 19, 2002

China's State-owned Assets Up 10.6 Percent in 2001

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China's State-owned assets totaled 10,931.64 billion yuan by the end of 2001, 1,045.72 billion yuan or 10.6 percent more than in 2000, according to statistics released by the Ministry of Finance Tuesday.

This represented a growth of 91.4 percent from 1995. The average annual increase rate during the period was 11.4 percent.

Of the State-owned assets, 7,314.93 billion yuan, or 66.9 percent, were in profitable sectors. The rest were in non-profitable sectors.

Industrial and commercial enterprises accounted for 81.8 percent of the profitable assets, financial and insurance enterprises accounted for 12.4 percent, State-owned enterprises outside China four percent and various construction funds 1.8 percent.

The Ministry of Finance attributed the fast growth of State-owned assets to four factors.

Firstly, the central government adopted a pro-active fiscal policy and stable monetary policy by increasing investment in infrastructure construction.

Secondly, State-owned enterprises secured stable profit growth and financing for expansion.

Thirdly, large State-owned enterprises improved their ability to increase assets through listing on the stock market, and consolidation and expansion in other countries.

Lastly, the establishment of a new public fiscal system helped increase government input in non-profit institutes.

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