Govt to reform, redraw cultural SOEs

Challenges in accounting and undervalued assets

Reform of State-owned cultural assets and enterprises is continuing, with 109 more SOEs now reporting their revenues to the Ministry of Finance this year, nearly the total of all 129 before regulated by the State-owned Assets Supervision and Administration Commission.

Many culture-related SOEs previously reported to the Ministry of Culture and various other departments. They are now required to submit an accounting for 2011 to the finance ministry by June 30 and pay a 5 percent tax on net profits earned this year.