Some 34 listed Chinese companies controlled by the central State-owned enterprises (SOEs) have completed or started the split equity structure reform by the end of Dec. 5 this year.

This was revealed Thursday in a press release issued at a news conference on the reform of the State-owned assets management system and the central SOEs held by the Information Office of the State Council.

Sinopec Corporation, Baosteel, COSCO Shipping Co. Ltd, and Sinochem ranked the top four on the list of the most respected 25 Chinese listed companies in 2005, the press release said.

"Good progress" has been made in transforming the SOEs into stock companies, and the corporate governance has been further improved, it said.

Over the past year, a group of enterprises went public on both domestic and overseas markets or issued more shares such as China Shenhua Energy Company Ltd., Dongfeng Motor Co., Ltd. and China COSCO Holdings Company Ltd.

The structural adjustment has been accelerated and the growth pattern has been transformed further.

Meanwhile, the central SOEs all enhanced technological innovations. There are 476 independent or other kinds of joint-established technological innovation institutions, which employ 276,000 staffs.

The separation of SOEs' non-core businesses from their core-businesses, the restructuring of non-core businesses and the separation of social obligations of SOEs have gained new progress, according to the press release.

By the end of last September, the overall plans regarding the separation of the non-core businesses from the core-businesses of 71 central SOEs have been approved, involving 3,820 units and 600,000 employees to be reemployed.

Source: Xinhua