New Apparatus for State-owned Assets Dddresses Three Problems

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

New Apparatus for State-owned Assets Dddresses Three Problems

The establishment of a special apparatus to perform the contributor's duties of China's state-owned assets has resolved three problems, said a Chinese official.

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The establishment of a special apparatus to perform the contributor's duties of China's state-owned assets has resolved three problems, said a Chinese official.

Chen Qingtai, deputy director of the Development Research Center (DRC) under the State Council, made the remarks Sunday at the China Development Forum being held by the DRC.

The explicit identification of the apparatus to perform the contributor's duties and responsibilities, but not to manage state-owned enterprises, is beneficial to the transformation from "managing enterprises" to "operating capital", Chen said.

With the apparatus, the government now has different departments to execute the state ownership and the public rights respectively, which has realized the separation of the government from the assets and the enterprises, he said.

The third problem the apparatus can address lies in its combination of managing capital and administrating personnel and affairs.

It serves as an object of explicit property rights for the government to trace responsibility, and for the enterprises as a state-owned "boss" that executes the ownership in a centralized, unified and independent way, Chen said.

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