Others News
- State has firm plan to improve businesses
Date: 23-Jul-2007 Sources: (Xinhua Online)
BEIJING, July 23 -- The number of China's state-owned enterprises affiliated to the central government has dropped from 157 to 155 in a national drive to restructure and streamline the group.
China Travel Service (Holdings) Corp was merged into CTS (Holdings) Hong Kong Ltd, while the China Textile Industrial Engineering Institute became a subsidiary of the China National Petroleum Corporation, according to an announcement on Friday by the State-owned Assets Supervision and Administration Commission.
The SASAC had planned to cut the number of major enterprises under its control from 157 to between 80 and 100 by 2010.
However, SASAC research fellow Wang Zhigang said earlier the goal will be met by the end of next year.
The Chinese central government will also focus on developing 30 to 50 enterprises to better compete with foreign firms.
SASAC Director Li Rongrong said in an earlier report that the state assets agency will concentrate on strategic industries like military, electric power grid, petroleum and chemical, telecommunications, coal, civil aviation and shipping industries.
The watchdog will also target key companies in auto, construction, electronic information, steel and machinery manufacturing industries, Li said.
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