Shanghai to establish state-owned assets management company

10:52, January 29, 2010      

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Shanghai will set up a state-owned assets management company in March to coordinate the adjustment and transfer of state-owned equity, said Lv Zhijie, deputy party secretary of Shanghai State-owned Assets Supervision and Administration Commission.

Shanghai Mayor Han Zheng said January 28 that the city will create a loose environment, focus on the construction of the international financial and shipping center and boost modern service industries development. A series of policies including tax break will be rolled out in 2010.

Shanghai will allocate 22.44 billion yuan (3.29 billion U.S. dollars) to promote industrial restructuring, which accounts for nearly 20 percent of the city's total financial allocation.

State-owned enterprises (SOEs) are the main role in Shanghai's industrial restructuring. Shanghai Deputy Mayor Ai Baojun noted that restructuring should be a conscious action taken by SOEs. The establishment of the state-owned assets management company is of great significance, he said.

By People's Daily Online
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