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在线翻译:
szdaily -> Business_Markets -> 
State-owned companies to face more mergers
    2018-01-26  08:53    Shenzhen Daily

STATE-OWNED enterprises in China will face more mergers and bankruptcies as the government overhauls the lumbering State sector, the head of the country’s State asset regulator said.

Xiao Yaqing, chairman of the State-owned Assets Supervision and Administration Commission (SASAC), stressed China’s commitment to streamlining its State-owned sector and creating conglomerates capable of competing globally.

China embarked on a revamp of its State-owned enterprises (SOEs) in 2015 to tackle rising corporate debt and also to make them more profitable and responsive to market forces.

It has claimed progress in its SOE restructuring through mergers, reductions in excess capacity, the relocation of workers, closure of “zombie” firms, and implementing a program under which debt is converted into equity.

“Our wish is for them to be bigger, stronger and more efficient. And this is what they’re about to be in the future,” Xiao told reporters on the sidelines of the World Economic Forum in Davos on Tuesday.

He said the focus would be to strictly separate government functions from the SOEs’ business operations.

The number of enterprises administered by the Central Government has been reduced to 98 from 117 in 2012.

The merger of China’s top coal miner, Shenhua Group Corp., and China Guodian Group Corp., among the country’s top five State power producers, created the world’s largest power utility worth US$278 billion.

When asked about further SOE consolidation, Xiao said the number of Central Government-owned companies would continue to decrease through mergers in “a voluntary process,” though the SASAC did not have a target for this reduction.

Xiao also pointed out the importance of the relocation of workers during the reforms, saying that SOEs, with the help from local governments, ought to create programs to absorb laid-off workers after consultation with them. (SD-Agencies)

 

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