Shanghai to speed up listing of state-owned assets: official

The Shanghai municipal government will speed up listing of its state-owned enterprises (SOE) next year as this work is given priority, said a senior local official Thursday.

It is imperative to continue to press ahead with the work of helping qualified companies or their core businesses go public in the new year, said Shen Hongguang, head of the Organization Department with the Shanghai Municipal Committee of the Communist Party of China (CPC), at a meeting of the city's state-owned assets supervision and administration commission held Thursday.

That means more of the city's state-owned assets will be securitized in the future, with the ratio to top 40 percent during the 12th Five-Year-Plan period (2011-2015), said Shen.

Currently, that ratio stands at about 30 percent, up from 12 percent in 2005.

The Shanghai municipal government has made great efforts in pushing forward the reform of its SOEs.

In 2010, state-owned assets withdrew from nine industrial sectors.

By the end of 2009, Shanghai's state-owned assets were valued at 1.26 trillion yuan ($about 191 billion), up 70.9 percent from 2005.

Source: Xinhua