Major SOEs target US$30b profit this year

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Last updated at: (Beijing Time) Thursday, March 18, 2004

Major SOEs target US$30b profit this year

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The 170 state-owned enterprises (SOEs) supervised by China's administration of state-owned assets set their 2004 profit targets at 253.477 billion yuan (30 billion US dollars), up 3.9 percent over the last year.

Sources with the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) said Wednesday that SASAC has recently finished signing contracts with 150 SOEs on their goals for 2004. The SOEs pledged to make profitsof about 217 billion yuan, a 3.3 percent year-on-year increase, in2004.

SASAC, which owns and administers about 180 SOEs, initiated a project to assess senior manager's performance by contracts linkedto the company's achievements. The first 20 SOEs signed the contracts two months ago.

Source: Xinhua

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