China to Issue Measures on Managing SOE AssetsThe Ministry of Finance will publish a series of measures on the management of assets and financial affairs of State-owned enterprises (SOE) in a bid to further promote the reforms and development of SOEs.Minister of Finance Xiang Huaicheng noted that the ministry will give more support to the reforms and development of SOEs through regulating fiscal and revenue policies and management ways of SOEs' assets and financial affairs. At a national working conference on the management of enterprises' assets and financial affairs which closed recently in Beijing, Xiang said that SOEs with good economic efficiency will be encouraged to optimize their capitals through listing and reorganization. As for those suffering from losses, they will be closed down, or go bankruptcy, or be auctioned, he said. A sound income distribution mechanism is to be gradually established to encourage enterprise managers to be responsible for losses and profits, the minister added. Meanwhile, he said, the ministry will further strengthen management on assets and financial affairs of SOEs through a monitoring system in a bid to create a good environment for the reform and growth of SOEs and the healthy and coordinated development of the national economy. Focusing on management of capital, the ministry will rationally define the rights and obligation of the departments of finance in the management of enterprises' assets and financial affairs, standardize the management and gradually foster a new system for the management centering on management of capital. |
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