SASAC urges central SOEs to prevent overinvestment

15:59, January 21, 2010      

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Latest statistics show that China's central state-owned enterprises (SOEs) made cumulative business revenues of 12.61 trillion yuan in 2009, an increase of 6 percent year-on-year and cumulative profits of 797.72 billion yuan, an increase of 14.6 percent year-on-year. SASAC Chairman Li Rongrong stressed that central SOEs should strictly refrain from making excessive investments beyond their strength or offering loan guarantees to other institutions, strictly control loan scales and assets to debt ratios, and prudently arrange allocation of funds and keep enough cash.

He added that SASAC will continue to promote central SOEs to advance structural adjustments, guide them to increase investments in high-tech and strategic emerging industries and control blind expansions in common competitive fields. The consolidation of the non-main business assets should be strengthened, attempting to spin off and consolidate the non-main businesses of hotels and restaurants of central SOEs over the next 3 to 5 years, and explore effective ways to integrate scientific and technological institutes with large enterprise groups.

Li requires central SOEs to advance resources consolidation of listed holding companies in a uniformly planned and orderly manner. For central SOEs with part of their assets listed, they should inject their high-quality main business assets to their listed companies to accelerate the listing of their entire main business or the whole groups.

By People's Daily Online
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