In 2008, China will accelerate the privatization reform of state-owned Chinese defense industrial enterprises and plans to complete the reform within the next five years. According to officials from the Commission of Science, Technology and Industry for National Defense of China (COSTIND), the anticipated capitalization will amount to close to 100 billion RMB.
In 2007, 18 public companies (formerly state-owned defense enterprises) requested to increase market capitalization and 10 of them applied for an Initial Public Offering. COSTIND officials encourage both domestic and foreign participation in the privatization reform.
Source: Xinhua, January 20, 2008