Chinese Premier Wen Jiabao Wednesday ordered the sharpening of the competitiveness of state-owned enterprises (SOEs), in a bid to secure and increase the value of state-owned assets more effectively.

Wen made this remark after hearing a report from the State-owned Assets Supervision and Administration Commission (SASAC) at an executive meeting of the State Council.

The meeting approved the general goals, guidelines and this year's tasks proposed by the SASAC for reform of the state-owned assets administration system, asking the watchdog to establish a new supervision and management system within three years to ensure that state-owned assets are made more profitable.

The meeting required the SASAC to focus more on assessing the business achievements of SOEs and arranging alternative work for their surplus employees.

The SASAC was also urged to help complete the bankruptcy and closing down of some money-losing enterprises, as well as to strengthen the construction of Party committees within the SOEs, according to the meeting.

The SASAC, whose establishment was considered a key step in the institutional reform of the State Council, has made great contributions to the reform of state-owned assets management system and the development of SOEs last year, it was announced at the meeting.

(Xinhua News Agency February 6, 2004)