Zhu Encourages Reform of State Assets Management

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Last updated at: (Beijing Time) Monday, February 24, 2003

Zhu Encourages Reform of State Assets Management

Chinese Premier Zhu Rongji has urged the country's state-owned enterprise supervision system be further improved as well as the state asset supervision and management system.

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Premier Urges Better Supervision of State Asset Management

Chinese Premier Zhu Rongji has urged the country's state-owned enterprise supervision system be further improved as well as the state asset supervision and management system.

While addressing a forum held Thursday by the State Economic and Trade Commission, Zhu said broader reforms in recent years of major state-owned enterprises and major financial institutions had made those enterprises and institutions more competitive.

Facts had borne out that setting up a state asset monitoring body in a state-owned enterprise was a very important measure for intensifying the supervision of state-owned enterprises and guaranteeing the state asset was not run down but achieved added value, Zhu said.

The premier called for further reform of China's state-owned enterprises by setting up an independent commission to ensure the efficient use and protection of the enormous state assets.

A State-owned Assets Supervision Commission will be established at the central government level while provincial governments are expected to set up similar state property management organizations. The proposed commission, according to the Economic Re��structuring Office of the State Council, will centralize management of state firms, duties currently spread over several ministries.

Officials with the Office said many ailing state firms have been unable to reform successfully because of competing government organizations. No specific date has been given for setting up the commission, but it could be unveiled at the annual meeting of the National People's Congress early next month.

Vice-premiers Li Lanqing, Wu Bangguo and Wen Jiabao as well as State Councilor Wu Yi, were all present at the forum.

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