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| Beijing to restructure 104 SOEs |
| CCTV.COM 2003-07-18 15:07:15 |
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A state owned enterprise restructuring campaign began in Beijing on Thursday in a drive to attract foreign and private capital to revitalize the sluggish state－owned enterprise sector. This is the largest strategic restructuring ever undertaken by the municipal government.
One hundred and four state－owned enterprises will undergo restructuring, and they have a total asset of 25 billion yuan, or around 3 billion US dollars. The municipal government says there is no ceiling for foreign and private capital, which means investors can buy as many as they want, and in any form they like.
Lu Hao, vice－mayor of Beijing municipal gov't, said, "There are no areas in Beijing that foreign and private capital cannot enter. And there's no restriction on the share ratio of these capitals."
All the targeted SOEs are large or medium－sized enterprises, and have recorded satisfying performance in recent years. The municipal government says these were the two basic criteria for their choice of SOEs for the restructuring. The municipal government is expected to introduce related regulations to speed up the restructuring process in the near future.
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Editor: Xiao Wei CCTV.com
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