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SOEs Secure 500 Bn Yuan From Stock Markets Since 1998
China's state-owned enterprises (SOEs) have raised nearly 500 billion yuan in total on domestic and overseas markets since 1998, revealed Sheng Huaren, top official with the State Economic and Trade Commission.
According to Sheng, in the past few years, China has set up PetroChina, Sinopec, Baosteel and ten leading military industry groups and restructured China Telecom. Some group corporations in the fields of railway, airline and non-ferrous metal (aluminum industry) are under preparation. The establishment of these large group corporations and listing of a large number of enterprises at home and abroad not only increased the enterprise's strength, what is more importantly, it made the principal investors diversified, sped up the establishment of modern corporate system, boosted transferring of management mechanism and made necessary preparation to meet the opportunities and challenges to be brought by China's accession into the World Trade Organization (WTO).
Source: Panorama
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