Jan. 8, 2007 (China Knowledge) – Central State-owned Enterprises (SOEs) managed by the central government will be strengthened and their competitive edge will be sharpened in the international market, said Chinese Vice Premier Huang Ju to SOE leaders who convened in Beijing on Sunday.

To attain this, Huang urged these SOEs to speed up their joint-stock reform and to fully utilize energy resources so as to become more competitive in the international market. With the number of central SOEs currently standing at 158, the Chinese government is also planning to grow these SOEs through mergers and takeovers, reducing the numbers to 80 by 2010.

The offer price is 97.8 times the company's diluted 2005 earnings, the company said. Chinese Vice Premier Zeng Peiyan, who was also at the convention, said that sales revenue of these central SOEs are expected to reach RMB 8 trillion in 2006, up 18% year-on-year. He added that these central SOEs, with their size and competitive edge, would help China’s economy become stronger.