China to complete supervision framework for state-owned assets in six months

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Last updated at: (Beijing Time) Tuesday, February 24, 2004

China to complete supervision framework for state-owned assets in six months

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China's watchdog of state-owned assets made it a major task in 2004 to speed up the establishment of the administration agencies of state-owned assets at provincial and regional levels, said a senior official Tuesday.

The agencies at provincial level must be established in about six months, said Li Rongrong, director of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), at the first national conference on supervision overstate-owned assets .

China shifted its focus of economic reform from restructuring state-owned enterprises (SOEs) to setting up a new system for state-owned assets administration in 2002. According to the new system, both the central and the local governments should set up specialized agencies to supervise the SOEs as investors.

So far, the specialized agency at the central level, SASAC, wasestablished nearly a year ago, and 12 of the 30 provincial level agencies have been established.

Li urged the remaining provinces to set up agencies as soon as possible, and said that polices guiding the establishment of agencies at municipal or regional level could be flexible, for thevolume of state-owned assets differs greatly from region to region.

Cities or regions with a small amount of state-owned assets maynot set up an independent agency, but the local governments shouldenhance the supervision over and administration of state-owned assets and protect the legal rights of the investors, he said.

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