Latest News:  


SOEs need to improve management: auditor


08:19, June 28, 2013

BEIJING, June 27 (Xinhua) -- A total of 1,784 major decisions made by China's state-owned enterprises (SOEs) failed to meet standards, causing losses or potential losses worth 4.56 billion yuan (741 million U.S. dollars), China's top auditor said Thursday.

Audits of 53 central enterprises showed that their competitiveness has significantly sharpened, but management still needs improvement, said Liu Jiayi, auditor general of the National Audit Office (NAO).

Their rate of return on equity has dropped from 10.9 percent in 2010 to the current 6.4 percent, Liu said in a report delivered at the ongoing session of the Standing Committee of the National People's Congress (NPC), China's top legislature.

The registration of 21 enterprises did not follow the Company Law. Forty-five enterprises have too many inner tiers, with the highest reaching 11 levels, Liu said.

Some enterprises falsified sales volumes or costs to reach their quota or evade taxes, he added.

The audits also showed that some companies blindly invested in the polysilicon, wind power and coal chemical industries.

Forty-five projects were launched without approval. The total investment for these projects had reached 58.3 billion yuan by the end of 2011, Liu said.

Innovation also needs to be improved, as technological investment at 53 enterprises lagged behind their production development, he said.

We Recommend:

'All in Tuning All in Caravanning' Show

HK's new cruise terminal receives luxury liner

Huawei unveils thinnest smartphone in Singapore

Airbus A350 lands safely from test flight in S. France

Special coverage: China-EU solar row

Highlights of ATC Show 2013

Top 10 luxury villas of China in 2013

Turn rabbit to 'gold' - A young entrepreneur's goal

Hilton to open 120 new hotels in China

Email|Print|Comments(Editor:WangLili、Gao Yinan)

Leave your comment0 comments

  1. Name


Selections for you

  1. Special operation members in training

  2. People present wishes to Mandela

  3. Rescue operations resume in India

  4. A university graduate's shepherd career

  5. Father Chen and his 2,000 children

  6. Photos: Hazy life in Beijing

  7. Most beautiful bodies in the world

  8. Are they still beautiful without bang?

  9. Chinese shares extend losses

  10. Setting sail into uncharted waters

Most Popular


  1. Chinese central bank's caution amid cash crunch will pay off in long run
  2. No pains, no gains for China's economy
  3. 'Kingdom of Bicycles' rises again
  4. Prism program – who are the principal victims?
  5. Stocks hold steady, but brokers still cautious

What’s happening in China

Dance becomes popular stress relief

  1. 630 investigated in China audits
  2. Nearly 943 mln USD embezzled from China's affordable housing project
  3. China's civil servants top 7 mln
  4. Teens learn looks count
  5. Woman, 68, washes dishes for grandson's college