China achieves public sector reform Minister

Ulhas Joglekar ulhasj at SPAMbom4.vsnl.net.in
Thu Dec 14 19:33:36 MST 2000


Wednesday
13 December 2000

China achieves public sector reform: Minister
BEIJING: China has claimed that it has achieved its goal of reforming its
state-owned enterprises (SOEs) within three years, with over 60 per cent of
SOEs earning profit and establishing a modern enterprise system.
This was announced by the minister in charge of the state economic and trade
commission, Sheng Huaren at the start of a two-day national working
conference on economy and trade here Monday, China Daily reported on
Tuesday.
China's state-owned and state-holding enterprises registered a profit of
183.9 billion yuan ($22.1 billion) by the end of October this year, an
increase of 1.6 times on an annual basis, the report said.
So far, 12 of China's 14 key industries are profitable and 4,098 of the
6,599 SOEs which lost money in 1997 have eliminated deficits, Sheng said.
Chinese premier Zhu Rongji had, in 1997, set the three-year objective of
lifting the majority of large and medium-sized SOEs out of crisis. At that
time, four of the country's 14 key industrial sectors were making losses.
Sheng predicted that 65 per cent of these 6,559 SOEs will have shaken off
their difficulties by the end of this month.
"The achievement of the three-year target is remarkable progress made only
for the present stage," Sheng said, adding that a few deeper problems still
need to be resolved for SOEs' long-term development. (PTI)
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