CHINA has mapped out a detailed plan to tighten control over the assets of 1,000 key state firms to avoid losses resulting from mismanagement, according to official reports.
Head of the State Economic and Trade Commission (SETC) Wang Zhongyu said the central Government would instal, in phases, supervisory committees within the state enterprises to monitor their operation.
The strategy, part of a revamp of the money-losing state sector, is endorsed in principle by the Communist Party at its watershed Central Committee plenum last year.
Official statistics released, however, indicated a worsening of the operation of state firms with increasing losses and outflow of assets.
According to mainland media yesterday, Mr Wang said the SETC had formulated, with other relevant departments, a detailed plan to reform the management and structure of state firms.
The crux of the intensified reform is to ''adopt new perspectives and new thoughts'' in rejuvenating the ailing sector, he said.