China's central SOEs perform well abroad
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China's centrally administered state-owned enterprises (SOEs) had posted healthy profits in foreign markets since they adopted the strategy of going global in recent years, government official said Tuesday.
In 2009, China's SOEs' overseas assets took up 19 percent of their total assets while profits made in foreign markets accounted for 37 percent of the total, Shao Ning, deputy chairman of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), the SOEs regulator, said at a press conference.
While noting the commendable performances, Shao also warned of the potential risks.
"China's SOEs generally lack international management skills. Moreover, they are not familiar with the foreign laws and market standards there," Shao said.
He said the SASAC is working on a range of proposals to better regulate asset management of the SOEs in overseas markets.
Currently, China has 121 centrally administered SOEs with their total assets worth nearly 24 trillion yuan (3.65 trillion U.S. dollars).
