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China unveils guideline on reforming asset management

  • China's cabinet on Wednesday unveiled a guideline for reforming the management of colossal state-owned assets. The guideline specified plans to establish an investment firm to manage the state's capital and restructure state-owned enterprises (SOEs). It was a supporting document for another state council guideline on advancing SOE reforms released in September. China will set up a firm in charge of capital investment and operations by either transferring state equities and budgets to a new company or by transforming a qualified wholly state-owned enterprise that already exists, according to the guideline. (Source: IANS)