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China to tighten supervision to prevent losses of state assets

Updated: May 26,2015 7:35 AM     Xinhua

BEIJING — China’s state-owned enterprise (SOE) watchdog said on May 25 that it will increase supervision to prevent losses of state assets.

The State-owned Assets Supervision and Administration Commission (SASAC) plans a guideline this year to prevent the draining of state assets during a mixed-ownership period.

China is pushing ahead with the mixed-ownership by soliciting private investors to partner with SOEs in a bid to reinvigorate the inefficient public sector.

SASAC will help establish a board of directors for these public-private joint ventures and regulate salaries of senior managers.

SASAC will also strengthen supervision of private investors and consider sending supervisors to mixed-owned companies.

The first mixed-ownership SOE, oil refiner Sinopec announced sale of a 29.99-percent stake in its sales arm for 107.1 billion yuan ($17.4 billion) to 25 private companies last September. The sale was completed in March.

The State Council listed mixed-ownership as one of a 2015 priority, promising to ward off losses of state assets during the process.

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