For China, seven sectors are very important
China has for the first time listed seven sectors, including defence, telecom and aviation which are critical to the national economy and in which public ownership is considered "essential".
By PTI |
BEIJING: China has for the first time listed seven sectors, including defence, telecom and aviation which are critical to the national economy and in which public ownership is considered "essential".
The seven sectors are armaments, electrical power and distribution, oil and chemicals, telecommunications, coal, aviation, and shipping, the State Assets Supervision and Administration Commission (SASAC) said on Tuesday.
"State capital must play a leading role in these sectors, which are the vital arteries of the national economy and essential to national security," minister in charge of SASAC, Li Rongrong said. It was the first time an explicit list was released of "strategically important sectors," whose definition has been vague since the late 1990s.
"The Chinese government will inject more capital into large state-owned companies (SOEs) in these priority sectors, optimise their structure and make them more competitive," Li said.
More than 40 of the 161 large SOEs supervised by the SASAC are engaged in these sectors. Their total assets account for three quarters of all central SOEs, and they rake in 79 per cent of the profits.
"In electrical power and distribution, oil and chemicals, telecommunication, and armaments, central SOEs should either be solely owned by the state or else the state should have a majority shareholding," Li said.
The seven sectors are armaments, electrical power and distribution, oil and chemicals, telecommunications, coal, aviation, and shipping, the State Assets Supervision and Administration Commission (SASAC) said on Tuesday.
"State capital must play a leading role in these sectors, which are the vital arteries of the national economy and essential to national security," minister in charge of SASAC, Li Rongrong said. It was the first time an explicit list was released of "strategically important sectors," whose definition has been vague since the late 1990s.
"The Chinese government will inject more capital into large state-owned companies (SOEs) in these priority sectors, optimise their structure and make them more competitive," Li said.
More than 40 of the 161 large SOEs supervised by the SASAC are engaged in these sectors. Their total assets account for three quarters of all central SOEs, and they rake in 79 per cent of the profits.
"In electrical power and distribution, oil and chemicals, telecommunication, and armaments, central SOEs should either be solely owned by the state or else the state should have a majority shareholding," Li said.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
