State media quoted Li Rongrong, the director of the State-owned Assets Supervision and Administration Commission, saying Beijing would force 1,828 ailing large and medium state-owned enterprises into bankruptcy between now and 2008. Xinhia said they posted combined losses of RMB150bn (US$18bn) in 2003 alone and piled up debts of RMB 1.22trn by then. Li reportedly said 2.8m people would be laid off by the closures.
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