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China's SOEs Change Management System
Following are the facts and figures about the reform of China's state-owned enterprises (SOEs) in the ninth five-year plan period (1996-2000), provided by the State Development Planning Commission.
China selected 2,473 SOEs to carry out reform of the operational mechanism in 1994, and by 1999, 2,016 enterprises of had been transformed to corporations.
Among the 94 major SOEs directly under the administration of the central government, 73 percent converted part of their business to the shareholding system, while 47 percent of the 420 major SOEs under the local governments' administration issued shares.
Half of the 520 major SOEs had got listed and raised 600-billion-yuan worth of fund through listing by 1999.
At the end of 1999, state holding companies among the 2,473 SOEs had a total capital of 493 billion yuan, including 367.5 billion yuan of state capital.
In the five years, 21 large SOEs and enterprise groups have engaged in authorized operation of state assets.
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