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SASAC Notice: SOEs Losing Money to Reduce Financial Losses by 50 Percent over Next Three Years

According to China Review NewsState Owned Enterprises (SOEs) were first given the direction to “increase revenue and reduce spending.” Then recently, the State-owned Assets Supervision and Administration Commission (SASAC) issued another notice urging SOEs that are losing money to reduce their financial losses by 50 percent over the next three years. The article said that, in order to reach the target, in addition to increasing revenue and reducing spending, the SOEs will need to improve their internal controls and speed up the reform and reorganization process, especially regarding the control of SOE asset loss.

Source: China Review News, July 8, 2015