China Vows to Continue SOE Reform

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Last updated at: (Beijing Time) Sunday, June 09, 2002

China Vows to Continue SOE Reform

A senior Chinese official said Saturday China will continue to reform its state-owned enterprises, and speed up economic restructuring for sustained, rapid and healthy economic development.

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A senior Chinese official said Saturday China will continue to reform its state-owned enterprises, and speed up economic restructuring for sustained, rapid and healthy economic development.

During his June 6 to 8 inspection tour of state-owned enterprises (SOE) in Hebei Province, north China, Vice-Premier Wu Bangguo said SOE reform remained central to the country's economic restructuring, and an important and urgent task.

He called on governments at all levels to continue SOE reform and help SOEs improve their market competitiveness through corporate reform and technological and managerial innovation.

It was necessary to help SOEs cultivate big companies or conglomerates with international competitiveness.

The vice-premier said efforts should be made to declare debt-ridden and money-losing SOEs bankrupt while taking good care of those laid-off workers, and closing down small and inefficient and polluting plants and mines.

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