SOEs formulate restructuring plan

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Last updated at: (Beijing Time) Monday, December 22, 2003

SOEs formulate restructuring plan

Large State-owned enterprises (SOEs) in Northeast China have drawn up a timetable for restructuring in order to grow stronger and promote local economic development.

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Large State-owned enterprises (SOEs) in Northeast China have drawn up a timetable for restructuring in order to grow stronger and promote local economic development.

They are expected to improve their corporate governance, redesign development strategy and resolve historical policy burdens within the next two years.

Some of them will try to resume leading positions in their industries, officials said.

The central government have set the revival of the Northeast industrial base as a medium-term target of the economic reform.

Many of the large SOEs in the region are central SOEs directly supervised by the State-owned Assets Supervision and Administration Commission (SASAC).

These enterprises, supposed to be the industrial leaders, should deepen structural reform to increase competitiveness and become more market-orientated, said Wang Xiaoqi, director of the Planning and Development Bureau of SASAC, at a forum held in Changchun, capital of Northeast China's Jilin Province, on Saturday.

Local enterprises have responded actively. Anshan Iron and Steel Group Corporation, for example, has aimed to take 35 per cent of the domestic market share of its major products of auto and home appliance plates by 2010.

And Daqing Oilfield said it would try to upgrade oil exploitation technology and capacity.

To improve efficiency and better utilize the resources, the SOEs are also encouraged to introduce private investors from both home and abroad, said Wang.

They can also work together to form some large enterprise groups and build up core competitiveness, especially for those in sectors of petrol and gas, iron and steel, automobile and shipbuilding, he said.

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