China is working on a responsibility system looking into those responsible for losses of state-owned assets, a senior official said in Beijing Monday.

Li Rongrong, director of the State-owned Assets Supervision and Administration Commission (SASAC), made the remarks at a national conference exchanging experiences in dealing with the badly-managed state-owned assets.

A mechanism should be set up to supervise and control the badly-managed assets, Li said, adding that any one who causes losses to the state-owned assets should be investigated and dealt with according to laws.

So far, 169 state-owned enterprises, or central enterprises, are under the direct supervision of the SASAC. In 2004, the asset losses of the central enterprises totaled 352.12 billion yuan (43.47 billion US dollars), Li said.

Source: Xinhua