China is to further improve management efficiency and help prevent irregularities among huge state-owned enterprises or SOEs by introducing board-meeting systems within three years, said Li Rongrong, Minister in charge of the State Assets Regulatory and Management Commission.
The board-meeting mechanisms are to begin trial operations at six large SOEs this year.
The six enterprises include the nation's largest coal producer, the China Shenhua Group, and the top iron and steel maker, the Shanghai Baosteel Group Corporation.
The minister says that the six SOEs candidates chosen to undergo reforms are all "well-operated" so far, whilst others may launch the same trial operations at a later stage.
He adds that a central-government run enterprise and a Shanghai-based one are currently considering assets swaps. Additionally, 28 more SOEs are in the process of discussing future restructuring.
Significant changes are to take place in the real estate and tourism industries, and by the end of the year, only 185 SOEs will remain untouched.
(CRI.com June 2, 2004)
