More Chinese state-owned firms to be publicly listed

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Update at 1355 hrs (IST)

Global News / Markets
More Chinese state-owned firms to be publicly listed

BEIJING: The Shanghai municipal government will speed up the listing of state-owned enterprises to ensure greater transparency in the functioning of these entities, which together own assets worth about $191 billion.

It is imperative to continue to press ahead with the work of helping qualified companies or their core businesses go public in the New Year, the head of the Organisation Department with the Shanghai Municipal Committee of the Communist Party of China (CP
C), Mr Shen Hongguang, told the media.

This means more of the citys state-owned assets will be securitised in the future, with the ratio to top 40 per cent during the 12th Five-Year Plan (2011-2015), Mr Shen said.

Currently, the ratio stands at about 30 per cent, up from 12 per cent in 2005.

This is a part of the Shanghai municipal governments efforts to push forward the reform of its SOEs. In 2010, Chinas state-owned enterprises pulled out of nine industrial sectors.

By the end of 2009, Shanghais state-owned assets were valued at 1.26 trillion yuan (about $191 billion), up 70.9 per cent from 2005. PTI


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