What's more, political turmoil in Africa and other places has also subjected Chinese companies to huge losses. The unrest that broke out in Libya last year, for example, affected more than $10 billion worth of projects, most of which pertain to the energy and construction industries, according to official figures.
"Risks abound, and those include political risks, social risks and the dangers that come from not knowing about foreign laws and regulations," Shao said. "We should keep learning."
Reports have said few SOEs actually benefit from having an overseas business, citing poor management. They have blamed the lackluster results on a lack of knowledge about foreign markets and inability to employ a sufficient number of qualified workers.
"Some SOEs perform well abroad, and the majority of SOEs make profits," he added.
Wang Yong, head of the assets commission, said on the sidelines of the Party congress that Chinese SOEs "need to look for business opportunities in various industries throughout the world".
At the same time, he cautioned: "We must make a special effort to benefit local people, communities and economies. We need to be responsible corporations in foreign countries."
dingqingfen@chinadaily.com.cn
'Gangnam style' life of young rich in Chongqing
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