State asset drain plugged

PUBLISHED : Wednesday, 15 May, 1996, 12:00am
UPDATED : Wednesday, 15 May, 1996, 12:00am

The State Administration of State Property says it has effectively brought the loss of state assets under.

Zhu Zhigang, deputy director of the state property watchdog, said that 160 confidential reports by the public enabled the authorities to prevent losses of state property worth 1.5 billion yuan (about HK$1.39 billion) last year.

He said better legislation and the efforts to categorise, appraise and register state assets as well as the public's increasing awareness of the seriousness of the problem had combined to help curb the hemorrhaging of state property.

Mr Zhu said that in the past state property was often lost in the process of establishing Sino-foreign joint ventures, restructuring state-owned enterprises into joint-stock companies, and selling and leasing firms.