Chinese Vice Premier urges SOEs to contribute to growth China's SOEs see smaller profit decline in first 5 months SOEs to recruit more graduates to ease job pressure Companies cut executive pay China's centrally-administered state-owned enterprises (SOE) have been cut down to 136 enterprises from 138, China's state property regulator State-owned Assets Supervision and Administration Commission (SASAC) said on Wednesday.

With approvals from the State Council, China Textile Academy became a subsidiary of China General Technology (Group) Holding Limited and Chinese Academy of Agricultural Mechanization Sciences became a subsidiary of China National Machinery Industry Corporation, the SASAC said.

SASAC targets at reducing the number of centrally-administered SOEs from 80 to 100 by 2010 through merger and restructuring, sources with the commission said.

When the SASAC was set up in 2003, 196 centrally-administrated SOEs were under its supervision.

(Xinhua News Agency July 9, 2009)