China urges central SOEs to be prudent of stock, property investment

07:21, January 08, 2010      

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China's state-owned enterprises (SOE) are being told to be prudent of venturing on the stock and real estate markets amid the complicated and fickle economic conditions.

The centrally-administered SOEs should be vigilant of investment risks and maintain stable operation while resist the temptation of short-term profits, said Huang Shuhe, deputy director of the State-owned Assets Supervision and Administration Commission on Thursday.

"Enterprises should be particularly prudent of investing in the risky stock, futures and property markets," he told more than 100 SOE bosses at a meeting.

Those who had started investment should strictly follow the rules and procedures, he said.

He told the enterprises to beef up risk control and keep close watch on the budget. They should also curb debts to minimize the risks, he said.

The SOE watchdog has repeatedly issued such warnings since early 2009 as a number of SOEs including China Eastern Airlines and Air China reported rising book losses from hedging contracts.

Source: Xinhua
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