China drafts law to protect state assets

时间：2007-12-24 06:06:07

（单词翻译:单击）

Dec.24 - China's top legislature began deliberations of its first state-owned assets law. It is designed to protect state-owned assets from being illegally seized and to maintain the country's basic economic system.

 

The draft state-owned assets law was submitted to the Standing1 Committee of the National People's Congress (NPC) for first deliberation on Sunday.

 

Shi Guangsheng, vice2 chairman of the NPC Financial and Economic Committee, said reforms on the state-owned assets management system and operation of state-owned enterprises (SOE) had been effective. Problems, however, remained.

 

"The loss of state-owned assets is serious during the reforms. Some SOEs sell the state assets at low prices, distribute them to individuals for free, or seize them with other approaches that have triggered great concerns from the public," he said.

 

Shi said many lawmakers had proposed to draft the law on state-owned assets in recent years. It was necessary to make a specific law to protect state assets as long as the country's landmark3 Property Law, which provides equal protection to both state and private properties, took effect on Oct. 1.

 

The NPC Standing Committee listed the enacting4 of the state-owned assets law into this year's legislative5 plan. It conducted research, held seminars and sought public suggestions to work out the draft law, Shi said.

 

The draft, with nine chapters and 76 provisions, stipulated6 that the central government should set up a budget system for the operation of state-owned assets, revenue management and payout.

 

"The profit made by SOEs that should be contributed to the state assets, the income of state assets transfer, and income that belongs to the state-owned assets during the calculating and check of SOEs, should be written into the budget," it said.

 

The draft detailed7 procedures of SOE restructuring and stipulated the assets should be accurately8 calculated, audited9 and assessed before restructuring or ownership transfer.

 

"The state assets should be transferred at reasonable prices," it said.

 

The merger10, restructuring and application for bankruptcy11 of the SOEs should consult the trade unions and solicit12 advice from employees through meetings or other approaches, according to the draft.

 

It banned the management of SOEs from embezzling13 state-owned assets.

 

People involved in wrongdoing would be punished according to the relevant laws and regulations if found seizing, withholding14 or embezzling state assets. They would also face punishment if found to have transferred state assets at unreasonable15 low prices, caused economic loss to the state assets by dereliction of duty or committed other misconduct.

 

China has been implementing16 reforms in its state enterprises over the past two decades, restructuring the enterprises with sole state ownership into joint-venture companies. It was also transferring SOEs into non-SOEs, in a bid to solve their low efficiency.

 

Foreign and domestic private capital had become the mainstay of the merger and acquisition (M&A) of SOEs. Chinese SOEs were attractive to foreign investors17 due to their good capacity, abundant human resources and market share, experts said.

 

SOEs had benefited a lot from the M&A process. From 1995 to 2002, the number of Chinese SOEs in the industrial sector18 was reduced from 77,600 to about 42,000 while total profit surged 163.6 percent to 221 billion yuan, SASAC figures showed.

 

China's Constitution stipulated public ownership should be the leading force of the socialist19 market economy, of which the private economy was a major component20.

 

In August, China adopted its first anti-monopoly law. This required national security checks for foreign acquisitions of Chinese companies.

 

In November, it released a new guide for foreign investors that prohibited foreign investors from entering "strategic and sensitive" industries relating to the national economic security.

 

In December 2006, the State Council, China's cabinet, released a list of strategic sectors21 in which the state would retain control.

 

The list included military-related manufacturing, power production and grids22, petroleum23, gas and petrochemicals, telecom manufacturing, coal, civil aviation and shipping24.

 

In the past, China had issued a series of laws and regulations on the supervision25 and management of state-owned assets and improved the SOEs' operational performance assessment26 system.

 

The SASAC, established in 2003 to supervise the state assets, had issued a series of regulations to manage the ownership transfer of SOEs and to improve their operational performance assessment system.

 

According to SASAC statistics, China had nearly 120,000 SOEs. These included enterprises or companies with sole state ownership and joint-venture companies with the state as the biggest shareholders27. These possessed28 assets worth more than 9.7 trillion yuan (about 1.3 trillion U.S. dollars) in 2006.

 

The 31st session of the 10th NPC Standing Committee started on Sunday and runs until Saturday.

 
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1 standing 2hCzgo     
n.持续，地位；adj.永久的，不动的，直立的，不流动的
参考例句：
  • After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
  • They're standing out against any change in the law.他们坚决反对对法律做任何修改。
2 vice NU0zQ     
n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的
参考例句：
  • He guarded himself against vice.他避免染上坏习惯。
  • They are sunk in the depth of vice.他们堕入了罪恶的深渊。
3 landmark j2DxG     
n.陆标，划时代的事，地界标
参考例句：
  • The Russian Revolution represents a landmark in world history.俄国革命是世界历史上的一个里程碑。
  • The tower was once a landmark for ships.这座塔曾是船只的陆标。
4 enacting 0485a44fcd2183e9aa15d495a9b31147     
制定（法律），通过（法案）( enact的现在分词 )
参考例句：
  • Generally these statutes apply only to wastes from reactors outside the enacting state. 总之，这些法令只适宜用在对付那些来自外州的核废料。 来自英汉非文学 - 环境法 - 环境法
  • In addition, the complexion of enacting standards for live working is described. 另外，介绍了带电作业标准的制订情况。
5 legislative K9hzG     
n.立法机构，立法权；adj.立法的，有立法权的
参考例句：
  • Congress is the legislative branch of the U.S. government.国会是美国政府的立法部门。
  • Today's hearing was just the first step in the legislative process.今天的听证会只是展开立法程序的第一步。
6 stipulated 5203a115be4ee8baf068f04729d1e207     
vt.& vi.规定；约定adj.[法]合同规定的
参考例句：
  • A delivery date is stipulated in the contract. 合同中规定了交货日期。
  • Yes, I think that's what we stipulated. 对呀，我想那是我们所订定的。 来自辞典例句
7 detailed xuNzms     
adj.详细的，详尽的，极注意细节的，完全的
参考例句：
  • He had made a detailed study of the terrain.他对地形作了缜密的研究。
  • A detailed list of our publications is available on request.我们的出版物有一份详细的目录备索。
8 accurately oJHyf     
adv.准确地，精确地
参考例句：
  • It is hard to hit the ball accurately.准确地击中球很难。
  • Now scientists can forecast the weather accurately.现在科学家们能准确地预报天气。
9 audited 046f25df2e99a79dbb3462bbbfa35bf2     
v.审计，查账( audit的过去式和过去分词 )
参考例句：
  • The accounts have to be audited by a firm of external auditors. 这些账目必须由一家外聘审计员的公司来稽查。 来自《简明英汉词典》
  • E. g. few if any charities collection publishes audited accounts. 例如很少义款收集有公布经过查核的帐目。 来自互联网
10 merger vCJxG     
n.企业合并，并吞
参考例句：
  • Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。
  • Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。
11 bankruptcy fPoyJ     
n.破产；无偿付能力
参考例句：
  • You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
  • His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。
12 solicit AFrzc     
vi.勾引；乞求；vt.请求，乞求；招揽(生意)
参考例句：
  • Beggars are not allowed to solicit in public places.乞丐不得在公共场所乞讨。
  • We should often solicit opinions from the masses.我们应该经常征求群众意见。
13 embezzling 1047ebe52d9fa01687627a4cf0bc4cc7     
v.贪污，盗用（公款）( embezzle的现在分词 )
参考例句：
  • Accordingly, object embezzling waste to be carried temporarily the schedule of administration. 因此，反对贪污浪费就提上了临时中央政府的议事日程。 来自互联网
  • Some were sentenced for taking bribes, others executed for embezzling funds. 有的因受贿而被判刑，有的因侵吞公款而被判处死刑。 来自互联网
14 withholding 7eXzD6     
扣缴税款
参考例句：
  • She was accused of withholding information from the police. 她被指控对警方知情不报。
  • The judge suspected the witness was withholding information. 法官怀疑见证人在隐瞒情况。
15 unreasonable tjLwm     
adj.不讲道理的，不合情理的，过度的
参考例句：
  • I know that they made the most unreasonable demands on you.我知道他们对你提出了最不合理的要求。
  • They spend an unreasonable amount of money on clothes.他们花在衣服上的钱太多了。
16 implementing be68540dfa000a0fb38be40d32259215     
v.实现( implement的现在分词 )；执行；贯彻；使生效
参考例句：
  • -- Implementing a comprehensive drug control strategy. ――实行综合治理的禁毒战略。 来自汉英非文学 - 白皮书
  • He was in no hurry about implementing his unshakable principle. 他并不急于实行他那不可动摇的原则。 来自辞典例句
17 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
18 sector yjczYn     
n.部门，部分；防御地段，防区；扇形
参考例句：
  • The export sector will aid the economic recovery. 出口产业将促进经济复苏。
  • The enemy have attacked the British sector.敌人已进攻英国防区。
19 socialist jwcws     
n.社会主义者；adj.社会主义的
参考例句：
  • China is a socialist country,and a developing country as well.中国是一个社会主义国家，也是一个发展中国家。
  • His father was an ardent socialist.他父亲是一个热情的社会主义者。
20 component epSzv     
n.组成部分，成分，元件；adj.组成的，合成的
参考例句：
  • Each component is carefully checked before assembly.每个零件在装配前都经过仔细检查。
  • Blade and handle are the component parts of a knife.刀身和刀柄是一把刀的组成部分。
21 sectors 218ffb34fa5fb6bc1691e90cd45ad627     
n.部门( sector的名词复数 )；领域；防御地区；扇形
参考例句：
  • Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
  • Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》
22 grids 3ee63c2476f49cd6c03c72e14687b4f7     
n.格子( grid的名词复数 )；地图上的坐标方格；（输电线路、天然气管道等的）系统网络；（汽车比赛）赛车起跑线
参考例句：
  • Typical framed structures are beams, grids, plane and space frames or trusses. 典型构架结构为梁、格栅、平面的和空间的框架或桁架。 来自辞典例句
  • The machines deliver trimmed grids for use or stock. 这种机器铸出修整过的板栅，以供使用或储存。 来自辞典例句
23 petroleum WiUyi     
n.原油，石油
参考例句：
  • The Government of Iran advanced the price of petroleum last week.上星期伊朗政府提高了石油价格。
  • The purpose of oil refinery is to refine crude petroleum.炼油厂的主要工作是提炼原油。
24 shipping WESyg     
n.船运（发货，运输，乘船）
参考例句：
  • We struck a bargain with an American shipping firm.我们和一家美国船运公司谈成了一笔生意。
  • There's a shipping charge of ￡5 added to the price.价格之外另加五英镑运输费。
25 supervision hr6wv     
n.监督，管理
参考例句：
  • The work was done under my supervision.这项工作是在我的监督之下完成的。
  • The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。
26 assessment vO7yu     
n.评价；评估；对财产的估价，被估定的金额
参考例句：
  • This is a very perceptive assessment of the situation.这是一个对该情况的极富洞察力的评价。
  • What is your assessment of the situation?你对时局的看法如何？
27 shareholders 7d3b0484233cf39bc3f4e3ebf97e69fe     
n.股东( shareholder的名词复数 )
参考例句：
  • The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
  • the company's fiduciary duty to its shareholders 公司对股东负有的受托责任
28 possessed xuyyQ     
adj.疯狂的；拥有的，占有的
参考例句：
  • He flew out of the room like a man possessed.他像着了魔似地猛然冲出房门。
  • He behaved like someone possessed.他行为举止像是魔怔了。

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