The assets of overseas subsidiaries of China's central
state-owned enterprises (SOEs) were worth 757.6 billion yuan (about
US$94.7 billion) at the end of 2006, according to the latest
statistics from the State-owned Assets Supervision and
Administration Commission (SASAC).
Revenue from their core business exceeded 400 billion yuan last
year, while profits amounted to 87 billion yuan.
Though no comparative figures are available, China's central
SOEs have been keen to extend their presence in overseas markets in
recent years.
For instance, China National Petroleum Corporation, China's
largest oil and gas producer, has recently completed the
acquisition of a 67 percent stake in PetroKazakhstan, while China
Ocean Shipping Company -- which has the largest overseas assets of
any central SOE -- owns 160 branches in over 50 countries and
regions worldwide.
Li Rongrong, director of SASAC, urged the central SOEs to manage
their overseas assets carefully and beware of bribery and money
laundering.
As restructuring and acquisitions have progressed over the last
three years, the number of central SOEs has dropped from 196 to 159
and will be down to around 100 by 2010.
During the first 11 months of last year, the profits of central
SOEs reached 689 billion yuan, up 19 percent year on year. Sales
rose 22 percent to nearly 7.3 trillion yuan.
(Xinhua News Agency January 10, 2007)