THE Chinese Government is to launch a nationwide campaign this year to detail and revalue of the assets of the country's 150,000 state-owned enterprises. State-owned assets were valued at 3,069.7 billion yuan (about HK$2,731 billion) at the end of 1992. Though property prices have since soared, doubt exists as to who owns what. The action follows a successful pilot project carried out last year to assess the property of 9,401 state-owned firms. It resulted in an increase of the assessed values of state properties under the survey by a total 42 per cent, or 180 billion yuan. The China Daily reported that the move to widen the scheme was primarily to protect assets and prevent enterprise fraud by detailing what companies owned. The State Administration of State Property said it would also improve the registering rights to properties, which are regarded by its head, Vice-Finance Minister Zhang Youcai, as fundamental to assessing the overall state property situation. A senior official in Beijing said the campaign aimed to enable authorities to better manage stock once it was known exactly where it stood. Mr Zhang was quoted in the newspaper as saying that during the planned assessment drive, profits generated by firms and incomes from the transfer of state rights to property would need to be accounted for in the national property budget. He referred to the Regulation on Supervising Assets of State-owned Enterprises, which was decreed by the State Council on July 24, and which said that proceeds from asset sales should neither be used for non-productive purposes nor to balance deficits. They would be used by the government to promote the development of large and medium-sized state enterprises, said Mr Zhang, who is also head of the State Administration of State Property. His organisation would be working closely with the State Economic and Trade Commission to define which companies had the rights to which buildings. ''The current work will target the transfer of rights to property in the process of setting up a shareholding company, transforming and merging state firms,'' he said. At the same time, the government will evaluate state assets of co-operative firms and joint ventures to prevent loss of state assets. Hong Hu, Vice-Minister of the State Commission for Restructuring the Economic System, told the China Daily that the government departments concerned would supervise the performance of state assets by sending monitoring groups to the enterprises. Yang Changji, Vice-Minister of the State Economic and Trade Commission, said that these departments would soon select the first batch of state firms to be supervised.