Centrally Administered SOEs Will Publish 2009 Annual Reports

    In order to create a transparent system that allows the public to have access to enterprises’ financial information, and establish a state asset supervision and administration system for overseas State Owned Enterprises (SOEs), China’s SOEs will publish their annual reports for the first time in 2009. At the same time, the central government will launch comprehensive monitoring of enterprises, in areas such as key decision making and important business operations, making the operation of centrally administered SOEs more transparent. According to statistics, from 2003 to 2007, the sales revenue of SOEs generally increased by RMB 2.2 trillion each year, with annual profits and tax payments going up by over RMB 270 billion and RMB 210 billion respectively. The sales revenue of centrally administered SOEs increased by RMB 1.3 trillion each year, with annual profits and tax payments rising by over RMB 150 billion and RMB 110 billion respectively.