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Plan for new AMC for SOEs
By Richard Fu |
June 30, 2009, Tuesday
|
Print Edition
Print Edition
CHINA is preparing to set up a new asset management company for enterprises directly controlled by the central government to make them more market-oriented, the top state assets regulator said yesterday.
The new AMC would help push forward restructuring among state-owned enterprises and to improve efficiency of capital, said Li Rongrong, director of the State-owned Assets Supervision and Administration Commission.
Preparations are largely in place, he said during an online chat with the public, without giving a time frame.
The SASAC is reducing the number of centrally-controlled SOEs to between 80 and 100 by 2010, from 138 now, through consolidation to boost operational efficiency and competitiveness. Li said the plan hasn't changed, though time is running out.
The SASAC is responsible for managing state companies, including appointing top executives and approving any mergers or sales, as well as drafting laws related to SOEs. It was founded in 2003 and supervised 196 non-bank SOEs initially.
"It's not easy that we have the number down from 196 to 138 in six years," Li said. "We want to reallocate the existing resources to improve efficiency, so that one plus one can add up to more than two or even more than three."
The SOEs under SASAC had total assets of 18 trillion yuan (US$2.6 trillion) at the end of 2008. They include parents of many well-known listed companies such as PetroChina Co, Chalco and China Mobile Ltd.
Li said SOEs should promote and create awareness globally regarding the progress made in reforming these entities so that there's no misunderstanding.
He cited as an example CNOOC Ltd's failed bid for United States oil company Unocal Corp in 2005, saying that not much was made of the fact that though its parent is a SOE, CNOOC is a listed public company.
The new AMC would help push forward restructuring among state-owned enterprises and to improve efficiency of capital, said Li Rongrong, director of the State-owned Assets Supervision and Administration Commission.
Preparations are largely in place, he said during an online chat with the public, without giving a time frame.
The SASAC is reducing the number of centrally-controlled SOEs to between 80 and 100 by 2010, from 138 now, through consolidation to boost operational efficiency and competitiveness. Li said the plan hasn't changed, though time is running out.
The SASAC is responsible for managing state companies, including appointing top executives and approving any mergers or sales, as well as drafting laws related to SOEs. It was founded in 2003 and supervised 196 non-bank SOEs initially.
"It's not easy that we have the number down from 196 to 138 in six years," Li said. "We want to reallocate the existing resources to improve efficiency, so that one plus one can add up to more than two or even more than three."
The SOEs under SASAC had total assets of 18 trillion yuan (US$2.6 trillion) at the end of 2008. They include parents of many well-known listed companies such as PetroChina Co, Chalco and China Mobile Ltd.
Li said SOEs should promote and create awareness globally regarding the progress made in reforming these entities so that there's no misunderstanding.
He cited as an example CNOOC Ltd's failed bid for United States oil company Unocal Corp in 2005, saying that not much was made of the fact that though its parent is a SOE, CNOOC is a listed public company.
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