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Guideline on preventing erosion of state assets

Xinhua, November 10, 2015 Adjust font size:

The State Council, China's cabinet, has ordered state-owned enterprises (SOEs) to establish a better internal supervision mechanism and be more transparent, as it bids to prevent erosion of the country's colossal state-owned assets.

SOEs should establish a system covering all the management and business sectors of the company, including auditing, discipline inspections, legal and financial departments, according to a guideline released on Tuesday.

All subsidiary companies and business sectors of the SOEs should be monitored, it said.

The guideline also called for SOEs to be more transparent in information disclosure about their operations and assets.

China has about 150,000 SOEs, holding more than 100 trillion yuan (15.7 trillion U.S dollars) in assets and employing over 30 million people. However, they posted an 8.2-percent decline in profits in the first three quarters of this year.

The State Council also unveiled a plan last week to help the state-owned sector modernize. It wants to establish investment firms to manage state-owned capital and restructure SOEs. Endi