China Sheds More Assets

The city of Shanghai's state assets are expected to shrink around 30 per cent to less than one-fifth of its total assets under a new round of restructuring by local State-owned enterprises, a senior government staff member has revealed.

"We will initiate a new round of introduction of private and overseas capital into Shanghai's State-owned and State-holding enterprises in the next few years to take the proportion of State assets in the city below 20 per cent," said Zhu Shiyin, president and chief executive officer of Shanghai State-owned Assets Operation Co Ltd, a government-backed enterprise with the sole right to trade State assets in Shanghai.