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State Capital to Withdraw from Commercial Sector of Chongqing
There will be no state-owned or state-controlled commercial enterprises left in Chongqing City, southwest China, in one or two years, as state capital will be withdrawn from the sector, sources said.
This change is the result of the reform of state commercial enterprises in the city. Statistics show that individual businesses, private enterprises and foreign-invested enterprises account for 72 percent of the total retail sales in Chongqing, one of largest trade centers in southwest China.
The aim of the reform for Chongqing is to implement bankruptcy policy or to merge loss-making enterprises, and to introduce a share-holding system into the sector with no state-control of the enterprises in the sector.
The city especially encourages inflow of non-state funds into the commercial sector.
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