29 January 2020

SASAC trains sights on substandard SOEs, CNS says

The State-owned Assets Supervision and Administration Commission is stepping up assessments of state-owned enterprises and will inflict tough penalties on those that don’t meet standards or that continue to make losses, China News Service reported Sunday, citing commission deputy chairman Huang Shuhe {黃淑和}. Huang said SOEs must be prepared to pay the huge cost of cutting production capacity and introducing safe and environmentally friendly operations. Only 10 percent of SOEs increased their profits by more than 5 billion yuan (US$824.64 million) in the first 11 months, while a number of others stayed in the red, the report said.

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