China will set aside Yn80bn this year to assist state-owned enterprises that are undergoing mergers and bankruptcies due to incurred losses, pollution or exhausted resources, China Daily reported Li Rongrong, minister of the State Economic and Trade Commission, as saying. Continued efforts will be made to invigorate small and medium-sized state-owned enterprises, and a law for the promotion of such enterprises will soon be enacted.
Last year the government closed 460 state-owned enterprises, leaving 700,000 workers unemployed, and it wrote off Yn51.5bn in bad debts.
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