Speaking at a high-level forum on China's reform on July 12, Li Rongrong, director of State-owned Assets Supervision and Administration Commission of the State Coumcil (SASAC) said that SASAC expected to clear the market of mired large-and-medium-sized state-owned enterprises (SOEs) by 2008.

Li highlighted the two general objectives for further reforms of state property management system and SOEs. One, the basic framework of new state property supervision and management system will be established within three years starting from 2004 to improve the effectiveness of state property supervision and management. Second, in line with the requirements put forward by the Fourth Session of the Fifteenth Central Committee of the Party, the strategic adjustment and restructuring should be finished by 2010. It is expected that by then a well-structured state-owned economy with reasonable lay-out will be in place, perfect modern corporate governance be built, the economic benefits be greatly improved and the strength on scientific development, market competitiveness and risk-resistance increased notably, paving the way for the state-owned economy to play a better role in the national economy.

Li further added that to achieve the goals SASAC will focus on enhancing the vitality and competitiveness of state-owned economy, accelerating the establishment of a sound national state property supervision and management system, intensifying the reform of SOEs, vigorously pushing forward the strategic adjustment for state-owned economic distribution and structure, as well as achieving new breakthrough in some key points and crucial sectors.

By People's Daily Online