State-owned enterprises (SOEs) in China have stepped out of the
mire of the past and the reform of the nation's SOEs is set to
deepen, Vice-Premier Wu Bangguo said Monday.
With the policies set by central government and the unremitting
efforts of all the relevant parties, SOEs have experienced great
changes, Wu told a seminar on China's economy and trade.
SOEs have adhered to the establishment of modern enterprise
systems, while large-sized ones have been successfully listed on
overseas markets, he said.
Important policies and measures, including bankruptcy and
debt-equity exchanges, have been adopted to help a number of
enterprises out of difficulty.
With a market-orientated mindset, more investment has been injected
into the technical upgrading of key industries, enterprises and
products.
Such upgrading has both improved techniques and the equipment of
many large-sized enterprises, enhanced the quality of their
products and increased the profit levels of many.
The management of SOEs has been improved and the system for
encouraging the good and curbing the bad, has been made more
effective.
The country, while deepening the reform of SOEs, has been speeding
up the pace of the establishment of a social security system and
re-employment programs, all of which have helped maintain social
stability.
Wu
said in the past the main focus was on helping SOEs out of
difficulty in line with the market economy.
In
the coming years the emphasis should be on sustainable development
of SOEs.
The nation's guidelines for reform and development of SOEs, which
are clear and have proved to be effective after implementation,
should be carried out determinedly, Wu said.
He
said the country should try to develop a core of large companies
that are internationally competitive.
Such companies should take the lead in reform and development by
establishing, at the outset, a well-run and modern enterprise
system, said Wu.
The restructuring of SOEs must continue, while leading technology
should be employed to upgrade traditional industries, he added.
Whilst reforms were under way, every consideration needs to be
given to employees and necessary arrangements made for those whose
companies go bankrupt.
(China Daily December 17, 2002)