A strategic task aiming to improve the country's economic structure
is now on top of the government's agenda, replacing the three-year
target of improving the profitability of state-owned enterprises.
Sheng Huaren, minister
in charge of the State Economic and Trade Commission, said
Monday at a national working conference that China will "promote
readjustment of the economic restructure next year and in
the years to follow to upgrade the industrial sectors."
"Irrational
economic structure has become an outstanding problem that
hampers the country's economic development at the present
stage, and will have a negative impact on China's participation
in global competition," Sheng noted.
China plans to
establish in the next three to five years 50 to 100 giant
state-owned enterprises, which will be the pillar of the national
economy, Sheng disclosed.
To achieve this
goal, China is to step up the reform of SOEs by establishing
a joint-stock system and encouraging large enterprises to
raise funds on the domestic and overseas stock market.
The government
will provide a favorable environment for innovation and help
enterprises establish their own research and development centers,
he said.
Meanwhile, some
ailing state-owned enterprises will be shut down through bankruptcy
and closure.
During the 10th
Five-Year Plan period (2001-2005), China will close down a
number of resource-wasting, heavy polluting and non-profiting
small plants and depleted mines, Sheng pointed out.
(People's Daily
12/08/2000)
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