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Central state-owned enterprises (SOEs) in China have been advised to focus on their main areas of business and streamline their fields of investment.

 

The State-owned Assets Supervision and Administration Commission (SASAC), which supervises these 166 enterprises on behalf of the central government, published on its website today a directive  to regulate their investment activities including those in fixed-assets and equity acquisition within the mainland. Investments in overseas markets and those in the financial industry are excluded.

 

It said central enterprises should ensure their investments comply with the development plan of the state and economic restructuring. They're being advised to focus on their core businesses while investment in other areas should first receive permission from the SASAC.

 

The business scale of some of the enterprises was considered to be too wide which could lead to a waste of resources and created investment risks and negligence in management.

 

"State capital should concentrate on key sectors that concern national security and the economy," an SASAC spokesman said yesterday.

 

The SASAC was offering guidance to help enhance the core competitiveness of these SOEs, prevent risks in investment and ensure the maintenance and appreciation of state assets, he said.

 

Such guidance would also encourage the enterprises to upgrade their business structures and development strategies while curbing blind and irregular investments in sectors where they were not so competitive, the spokesman added.

 

The SASAC insisted it respected the ability of enterprises to make investment decisions but they had to shoulder relevant liabilities themselves. It also guaranteed the transparency and fairness of the supervision of the enterprises' investment activities, the spokesman explained.

 

The 166 central SOEs, regarded as flagship industries, currently hold 10.6 trillion yuan (US$1.3 trillion) of assets most of which is invested in the key economic sectors.

 

They made a total of 1 trillion yuan (US$125 billion) of investments in 2004 of which 95 percent were stakes in core businesses, SASAC statistics reveal.

 

From this year they're being asked to report their investment plans to the SASAC annually, including investment scales, funding resources and a general introduction to their projects.

 

(China Daily July 7, 2006)