China to tighten supervision of State assets
Updated: 2015-05-26 09:55
BEIJING - China's State-owned enterprise (SOE) watchdog said Monday that it will increase supervision to prevent losses of State assets.
The State-owned Assets Supervision and Administration Commission (SASAC) plans a guideline this year to prevent the draining of State assets during a mixed-ownership period.
China is pushing ahead with the mixed-ownership by soliciting private investors to partner with SOEs in a bid to reinvigorate the inefficient public sector.
SASAC will help establish a board of directors for these public-private joint ventures and regulate salaries of senior managers.
SASAC will also strengthen supervision of private investors and consider sending a supervisors to mixed-owned companies.
The first mixed-ownership SOE, oil refiner Sinopec announced sale of a 29.99-percent stake in its sales arm for 107.1 billion yuan ($17.4 billion) to 25 private companies last September. The sale was completed in March.
China's cabinet listed mixed-ownership as one of a 2015 priority, promising to ward off losses of State assets during the process.
SOE profits continue to decline 2015-04-23 13:42
China's tolerance for small SOE defaults to rise 2015-04-23 09:54
China's SOEs to be under public scrutiny 2015-04-21 16:06
Market reforms reshape China's economic landscape 2015-01-30 09:54
Profit growth of China's state firms slows 2015-01-22 17:27
Today's Top News
China issues first white paper on military strategy
China, Chile ink multi-billion-USD currency swap deal
China, Russia vow to boost cooperation
Chinese couple arrested in Lisbon on suspicion of money laundering
Premier Li arrives in Chile for official visit
Hou Hsiao-Hsien wins Best Director award at Cannes
Andrzej Duda wins presidential election in Poland
UK prime minister outlines who can vote in referendum
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Premier Li embarks on Latin America visit
What do we know about AIIB
Full coverage of Boao Forum for Asia
Annual legislative and political advisory sessions
Festival Special: Apps that make holiday shopping easier
Listed firms caught in anti-corruption net