. Earth Science News .
TRADE WARS
China to change state-owned firms into corporations
by Staff Writers
Beijing (AFP) July 26, 2017


China said Wednesday it would move to transform all state-owned companies into corporations by the end of this year, as part of efforts to reform the sclerotic industrial giants.

China has pledged for years that it would take steps to reform the centrally-run businesses, which dominate crucial industries ranging from power and steel to aviation.

But vested interests have resisted the attempts to restructure the massive enterprises, which are among the country's largest employers and have created powerful fiefdoms for the bureaucrats that run them.

State-owned enterprises (SOEs) managed by the central government should aim to become "limited companies or corporations" by the end of the year, according to a statement on the website of the State Council, China's cabinet.

The change will help "build a modern enterprise system and improve the market-oriented management mechanism", it said.

Ninety percent of China's state enterprises have already been turned into corporations, according to the statement.

It did not say whether the companies will be opened to private investment or could be listed on the country's stock markets.

The announcement follows comments earlier in the month from President Xi Jinping calling for authorities to deepen SOE reform by "focusing on the establishment of a modern corporate governance system".

He described SOEs as an "important foundation for national development" but said overhauling them was important to enhance their "vitality, competitiveness and risk resistance", according to the official Xinhua news agency.

China's lumbering state-owned giants have long been a drag on the economy, saddled with massive debts and overcapacity far exceeding domestic demand.

While the government recognises the need for restructuring, it lacks the political will to make the necessary reforms, fearing that mass lay-offs at the underperforming firms could lead to social instability.

Last month the International Monetary Fund urged Beijing to phase out support for underperforming state-owned enterprises and for so-called zombie companies -- those firms that survive only on rolling credit from the banks.

TRADE WARS
China cashing out as mobile payment soars
Beijing (AFP) July 23, 2017
Yang Qianqian holds out her smartphone to scan a barcode on the mobile of a vendor selling fresh fruit and vegetables at a bustling outdoor market in Beijing. The dance student is part of an explosion in the use of mobile payment platforms in China as consumers increasingly take out phones instead of cash to pay for everything from a coffee to a language class or a gas bill. "Even though ... read more

Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Robot finds possible melted fuel inside Fukushima reactor

The last survivors on Earth

Separated by war, Iraqi children wait for parents

Haiti's army reborn 20 years after it was demobilized

TRADE WARS
Writing with the electron beam: Now in silver

Scientists announce the quest for high-index materials

Future materials are becoming 'topological'

Indented cement shows unique properties

TRADE WARS
Risky business for fish in oil-polluted reef waters

Japanese seaweed is welcome invader on US coasts: study

Climate change deepens threat to Pacific island wildlife

New algorithm, metrics improve autonomous underwater vehicles' energy efficiency

TRADE WARS
Thawing permafrost releases old greenhouse gas

Microbe study highlights Greenland ice sheet toxicity

Sentinel satellite captures birth of behemoth iceberg

Massive iceberg

TRADE WARS
Disneyland China falls a-fowl of huge turkey leg demand

Kenyan cattle herders defend 'necessary' land invasions

Using treated graywater for irrigation is better for arid environments

Disneyland China falls a-fowl of huge turkey leg demand

TRADE WARS
Crustal limestone platforms feed carbon to many of Earth's arc volcanoes

Two killed in 6.7-magnitude quake off Greece and Turkey resorts

Crystals help volcanoes cope with pressure

New research uses satellites to predict end of volcanic eruptions

TRADE WARS
Peace deal eludes Senegal's Casamance, 35 years on

Rwandan forces killing suspects without trial: HRW

AU chair questions US stance on African peacekeeping

3 killed in north Mali clashes as UN condemns violence

TRADE WARS
Artifacts suggest humans arrived in Australia earlier than thought

Startup touts neuro-stimulation as 'medicine for the brain'

Father's presence encourages sibling bonding among baboons

Towards a High-Resolution, Implantable Neural Interface









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.