State-owned restructuring plan gets green light

Upwards of 28 central SOEs to be eliminated by end of 2010: SASAC

BEIJING - The State Council has officially approved a plan proposed by the country's State-owned assets regulator to set up an asset management firm to push ahead with restructuring of State-owned enterprises (SOEs), sources with knowledge of the matter told China Daily on Monday.

The new firm Guoxin Asset Management Co Ltd, entirely owned by the State-owned Asset Supervision and Administration Commission of the State Council (SASAC), will focus on consolidating State-owned enterprises and helping SASAC turn small and unprofitable SOEs into profitable companies.