Beijing State-Owned Enterprises Accomplish Debt to Equity TaskBeijing Municipal Economic Commission officials disclosed recently that 17 local State-owned enterprises had accomplished the task of debt-to-equity swap by the end of 2000.With a total contract value of 16.84 billion yuan (about US$1.92 billion), the city has become the first in the country to finish the reform. The move enabled the Beijing Shougang Company Ltd. and the Beijing Heavy Electrical Machinery Plant to realize industrial upgrading, and several high-tech firms under the China Electronic Corporation to accelerate development. Economists estimated a 19 percent increase in sales volume for the 17 reformed enterprises and their annual profits were estimated at 128 million yuan in 2000. Statistics show that the four Beijing-based state commercial banks reduced their non-performed assets by 17 billion yuan last year. |
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