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China to Transform SOEs Using Foreign Fund
China will transform its state-owned enterprises (SOEs) using foreign investment, in order to upgrade them into modern companies, said Dai Xianglong, governor of the People's Bank of China here Sunday.

He told the China Development Forum 2002 that China had entered a new phase of using foreign investment. In the near future, China would attract further foreign capital in combination with domestic investment.

He said many SOEs had built up joint ventures after obtaining foreign investment and thus sharpened their competitive edge.

Dai said China would attract more foreign capital to promote financial reform. Meanwhile China would support domestic companies in buying foreign currency and investing abroad.

At present, China's foreign exchange reserves, net assets of commercial banks abroad and Chinese enterprise investment overseas reached 350 billion U.S. dollars.

He said that as Chinese residents and enterprises had more foreign currency savings, legal financial institutions could be set up to collect the money and invest overseas.

(Xinhua News Agency March 25, 2002)

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The People's Bank of China
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