Loss-making SOEs to be closed by end of 2017
Print Edition
CHINA will close its loss-making state-owned enterprises by the end of 2017 as the government seeks to raise efficiency and sustainability of the sector as part of quicker and broader reforms.
The government will close SOEs whose businesses do not follow its direction for structural adjustment, Zhang Xiwu, vice director at the State-owned Assets Supervision and Administration Commission, warned at a media conference yesterday.
The State Council, or Cabinet, said on Wednesday at an executive meeting that SOEs which suffer three consecutive years of losses would have to cease operations through asset reorganization, transfer of property rights, closure or bankruptcy.
“Losses of the state-owned enterprises result from various aspects,” said Shen Ying, head accountant at the SASAC. “Some are affected by an industry business cycle while others suffer from unhelpful policies. There are also enterprises that suffer bad structure, or backward technologies.”
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