State-owned Assets in Shanghai Expand Fast

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Last updated at: (Beijing Time) Friday, September 06, 2002

State-owned Assets in Shanghai Expand Fast

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State-owned assets in Shanghai, one of China's economic powerhouses, have maintained double-digit growth since 1995, said Chen Yunlin, director of the Municipal Office on the Management of State Properties.

Chen made this remark at Thursday's opening of a local forum on the management of state-owned assets.

By the end of 2001, Shanghai's state-owned assets, excluding properties owned by the central government, totaled 520.8 billion yuan (about 62.75 billion US dollars), up 12.2 percent over the figure of the previous year.

Shanghai's state-owned assets account for 4.8 percent of the total in the country, according to Chen.

In Shanghai, an increasing amount of state capital is being invested in hi-tech industries, local dominant industries, and public utilities. As of the end of 2001,there were 89 listed companies in which the state held stocks.

Chen pointed out that local state-owned companies are also active in the trading of property rights.

Since the early 1990s, Shanghai has launched a series of strategic restructuring reforms of the state economy, integrating it with the reform of state companies, the diversification of markets, the transformation of government functions and "opening-up" to other parts of the country and to foreign countries.

Over the past ten years, the city government abolished 19 bureaus that had formerly held administrative responsibility in various industries, and replaced them with 39 companies authorized by the government to manage state-owned assets.

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