Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / China / Military Affairs / News Tools: Save | Print | E-mail | Most Read
Military industry set to complete shareholder reforms
Adjust font size:

China is set to complete the shareholding reform of its military industries within five years and will raise 50 billion-60 billion yuan (US$6.82 billion-8.18 billion) from the capital markets for this purpose by the end of 2010.

"The overwhelming majority of military industry enterprises will be allowed to raise direct financing from the capital market. Military firms are encouraged to be listed on the market," China Securities Journal quoted Wu Fenglai, director of the Commission of Science, Technology and Industry for National Defense (CSTIND) as saying.

Wu noted that it was a good time for military industries to further their reforms, with the economy and capital markets doing well.

Military manufacturers began reforms several years ago but have only made slow progress due to the lack of explicit policies. Statistics show that only 22.5 percent of these enterprises have implemented shareholder reform.

The government has promulgated regulations to boost the defense industry this year. These moves include allowing domestic and foreign investors to acquire shares in military firms of lower strategic value.

"Foreign investors are allowed to conditionally participate in the shareholding restructuring of China's military industry, while companies that design and produce strategic and other major weapons that involve core state secrets and have a direct bearing on national security will be still under state control," said CSTIND in a statement on its website.

(Xinhua News Agency December 26, 2007)

Tools: Save | Print | E-mail | Most Read

Username   Password   Anonymous
China Archives
Related >>
- Military firms to raise over 50 bln yuan
- Military Industry Opened to Private Businesses
- China to Unleash Market Forces in Arms Sector
- Aviation Trading Giant Seeks Strategic Investors Before Listing
- Private Companies Encouraged to Enter Military Industry
Most Viewed >>
-Winter storms leave Chinese dark, cold, hungry in 'dead cities'
-Millions stranded in holiday havoc
-Taiwan authorities to raise 'referenda'
-Taklamakan Desert experiences record snow
-Charity donations hit 3.2 bln yuan last year
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © All Rights Reserved E-mail: Tel: 86-10-88828000 京ICP证 040089号