China to Approve Bankruptcy of Over 500 State-Owned Enterprises – Xinhua

From Xinhuanet:

China plans to approve the bankruptcy of around 500 more struggling state-owned enterprises (SOE) by the end of this year.

According to the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, more than 2,000 SOEs will go bankrupt before 2008. The commission has approved 619 of them.

Li Wei, deputy director of the SASAC, said that they would try to finish work on the bankruptcy plan in the first half of 2007. [Full Text]