There will be no state-owned or state-controlled commercial
enterprises left in Chongqing City, southwest China, in one or two
years, as state capital will be withdrawn from the sector.
The change is the result of reforming state commercial enterprises
in the city.
Statistics show that individual businesses, private enterprises and
foreign-invested enterprises account for 72 percent of the total
retail sales in Chongqing, one of the largest trade centers in
southwest China.
The aim of the reform is to implement bankruptcy policy, merge
loss-making enterprises, and introduce a share-holding system into
the sector.
The city especially encourages inflow of non-state funds into the
commercial sector.
(Xinhua 11/02/2000)