City to beef up listing of SOEs
By Wang Yanlin |
January 21, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI aims to float 80 percent of the business assets of state-owned enterprises on the stock market in three years, up from the current level of 25.5 percent, Vice Mayor Ai Baojun said yesterday.
"Shanghai will accelerate the process of listing SOEs in the stock market this year. It is a practical way to boost transparency in SOEs and raise their efficiency," Ai said during a live radio program in Shanghai.
More than 25 percent of the assets of SOEs in Shanghai have been listed by 2009, up 8 percentage points from a year earlier, Ai said.
Shanghai plans to establish an asset management company as early as March to accelerate the process of listing assets of SOEs, Ai said.
Shanghai started reforming SOEs in the early 1990s. After nearly two decades of restructuring, many SOEs in Shanghai such as Shanghai Automotive Industry Corp and Jin Jiang Group are strong enough to compete with global companies.
However, improvements can still be made to the management of some SOEs which face too much bureaucracy and are less market-oriented compared with foreign or private businesses.
Addressing these problems, Ai said, the city may soon allow board members of SOEs to appoint senior executives to manage the enterprises, gradually shifting from the practice now of appointing someone chosen by the government.
He said the SOEs should play a key role in the city's economic transformation to a services-led growth model due to their huge weight in the local economy, more than 50 percent in terms of output.
"Shanghai will accelerate the process of listing SOEs in the stock market this year. It is a practical way to boost transparency in SOEs and raise their efficiency," Ai said during a live radio program in Shanghai.
More than 25 percent of the assets of SOEs in Shanghai have been listed by 2009, up 8 percentage points from a year earlier, Ai said.
Shanghai plans to establish an asset management company as early as March to accelerate the process of listing assets of SOEs, Ai said.
Shanghai started reforming SOEs in the early 1990s. After nearly two decades of restructuring, many SOEs in Shanghai such as Shanghai Automotive Industry Corp and Jin Jiang Group are strong enough to compete with global companies.
However, improvements can still be made to the management of some SOEs which face too much bureaucracy and are less market-oriented compared with foreign or private businesses.
Addressing these problems, Ai said, the city may soon allow board members of SOEs to appoint senior executives to manage the enterprises, gradually shifting from the practice now of appointing someone chosen by the government.
He said the SOEs should play a key role in the city's economic transformation to a services-led growth model due to their huge weight in the local economy, more than 50 percent in terms of output.
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