NANJING plans to set up a property rights market to invigorate the city's cumbersome state sector, says Deputy Mayor Zhong Yuhui.
More than 90 per cent of the city's enterprises are collectively owned, and only a handful have been put through the shareholding system.
The latest to join the market economy vogue is television set manufacturer Panda Electronics, which is about to list in Hong Kong.
Mr Zhong said yesterday that a property rights market would speed up the sale of enterprises, thereby accelerating shareholding restructuring.
Beijing recently clamped down on the property rights market that lacked proper valuation and auditing procedures, fearing the leakage of state assets.
However, it is understood that a well-run property rights market could provide a proper and official channel for enterprises to better utilise their resources and boost efficiency.
There are now more than 4,000 industrial enterprises in Tianjin, the capital of Jiangsu province in the Yangtze River region.
