China speeds up reform in monopoly sectors
( 2003-11-19 13:37) (Xinhua)
China will accelerate the reform in the monopoly sectors, said a senior
official from the State- owned Assets Supervision and Administration Commission
(SASAC) in Beijing Wednesday.
Li Rongrong, minister in charge of the SASAC, said at the International
Merger and Acquisition Summit Beijing 2003 that China will introduce competition
into monopoly sectors to broaden the market access for both domestic and
international investors.
The government will allow eligible enterprises of various ownership to invest
in the monopoly sectors, Li said, while improving the institutional mechanism
for the opening-up of the sectors to foreign capital.
According to him, the state ownership has an excessively strong presence in
some sectors, such as the processing industries and common competitive service
industries where the market mechanism plays quite well and competition is
heated.
The fact that state-owned equities take too big stakes in limited liability
companies and share-holding companies will have a negative impact on the
establishment and perfection of corporate governance and the realization of
"equal stock with equal rights and interests," he said.
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