State Assets Grow 1.6 Times in ShanghaiThe latest statistics show that the total volume of state assets in Shanghai has grown by an average of 27 percent annually over the past five years.Total volume of state assets has so far reached 406.7 billion yuan (about US$50 billion), some 1.6 times more than five years ago, as a result of better management of state assets like accelerating assets flow and assets restructuring. State assets have shown the trend of flowing to high-tech and infrastructure. Meanwhile, state assets existing in corporate companies are swelling fast as well. Currently, state assets in such companies have totaled 143.8 billion yuan, some 30 percent of the total. The increasing ability of state assets to absorb funds has spoken for better quality. Through various methods like issuing stocks, state assets has successfully attracted 19 billion yuan, and through joint funding and cooperation, has absorbed 33 billion yuan of social fund. So far, the average capital debt rate of state enterprises or state-controlling corporate enterprises stands at about 51 percent. During the past five years, a total of 1,058 state-owned enterprises were either left bankrupt or merged. Shanghai has set the target to increase state assets by 8 percent per year for the coming five years to reach 650 billion yuan. |
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