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1546 SOEs Emerged into 23 Companies in China
A merger has already been made of 1546 state-owned enterprises and in the place of these will soon be inaugurated 23 new large corporations before June 30 in Guangdong, according to a plan for a restructuring of local SOEs' assets approved by CPC Guangdong Provincial Party Committee.
There were as many as 2319 SOEs in Guangdong back in 1998. These, with a total asset of 409.593 billion yuan, a debt of 277.611 billion yuan, a net asset of 137.182 billion yuan, a total of 116.237 billion yuan of assets state-owned, showed a book debt rate of 67.78%.
The restructured enterprises account for 66.67 % of the total, run with a net asset of 112.832 billion yuan, 85.49% of the total, state-owned asset taking 90.56 % of the total, with a staff/workforce of 330,000, accounting for 82.06% of provincial total.
Vice Governor Zhong Qiquan said that Guangdong will quicken its SOEs reform for a strategic restructuring of all the others in the province.
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