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New MII Tasked with SOE Restructuring

Sohu IT, 4/02/08

The State Council has clarified the main responsibilities for the new Ministry of Industry and Information (MII). Both the MII and the National Development and Reform Commission (NDRC) will promote industrial restructuring, including combining industrialization and informatization; promoting high-tech industries; developing the equipment manufacturing industry; reforming and improving traditional industries; and accelerating growth in the service sector - particularly in modern services.

Worth noting is that promotion of reform in SOEs is to be handled by the State-owned Assets Supervision and Administration Commission (SASAC), the MII and the Ministry of Finance. This will include restructuring of state capital and SOEs; promoting further share-ownership reforms among SOEs; improving corporate governance structures; policy decisions on closures, bankruptcies and the spinning off of auxiliary businesses; further reforming monopolies; improving government and public oversight; standardizing procedures for the reform of SOEs, sale of state-owned assets and protection of employees' rights; promoting the reform of collective enterprises and development of a diverse collective and cooperative economy; putting in place incentives and support for the private economy, solving issues of market entry and financing.

Keywords: SOE informatization MII Ministry of Finance Ministry of Industry and Information NDRC policy restructuring SASAC State Council telecom


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