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China to Continue Promoting SOEs to Be Listed at Home, Abroad
Chinese vice-premier Wu Bangguo, told local economic and trade officials that China will help some state-owned enterprises (SOEs) be reorganized and listed at home or abroad next year.
The measure aims to help Chinese companies allocate funds and help establish a modern enterprise system by converting the business management system from under a planned economy to a market economy, said Wu, member of the Political Bureau of the Central Committee of the Communist Party of China (CPC), at a national working conference on December 11 attended by economic and trade officials from all provinces, autonomous regions and municipalities.
Wu said China will have to develop some business groups which are competitive in the world in order to meet the challenges and take the opportunities to be brought by China's accession to the World Trade Organization (WTO).
China pledged in 1997 to extricate most of its SOEs that are losing money from difficulty and expect them to turn to making profits at the end of this century.
The goal was announced to be obtained on the first day of this national conference by Sheng Huaren, minister in charge of the State Economic and Trade Commission.
The vice-premier said that this has proven that the public ownership system can be integrated with the market economy well. And the SOEs will have good performance under the socialist market economy framework.
Wu stressed that there are still some problems which have yet to be solved though the goal of helping SOEs turning around losses was achieved. Some industries, such as coal mining and military industries, are facing difficulties.
He said that the market economy follows a rule of survival of the fittest. China will focus on bankruptcy or closure of enterprises in coal mining, non-ferrous metal, and military industries which are unable to make profits or have exhausted their mineral resources.
He urged the basic living allowances for laid-off workers and pensions to be distributed punctually and adequately. Serious accidents should be kept down to ensure the security of people's life and property.
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