New Rules for State-owned Assets Management

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Last updated at: (Beijing Time) Thursday, June 05, 2003

New Rules for State-owned Assets Management

New rules governing state-owned assets were issued Wednesday by the State Council.

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New rules governing state-owned assets were issued Wednesday by the State Council.

The provisional regulations, which came into force immediately,mainly covers the supervision of state-owned assets in non-financial enterprises, according to Thursday's China Daily.

It sets out guidelines for the ongoing reform of the state assets management system and provides a sound legal basis for the reform, said a spokesperson with the Legislative Affairs Office ofthe State Council.

China launched the State-owned Assets Supervision and Administration Commission in April. It acts on behalf of the state to directly supervise the 196 central state-owned enterprises that had 6.9 trillion yuan (833.3 billion US dollars) of state assets at the end of 2002.

Local state assets management offices are also being established to supervise local enterprises, according to the newspaper.

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