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New regulation to promote administration on China's local state-owned assets: SASAC

Source:   Time:

BEIJING, April 18 (Xinhua) -- China has revised and issued its guidance and supervision regulation on the management of local state-owned assets to promote the preservation and accretion of state assets.

Measures for the Guidance and Supervision of the Local State-owned Assets Supervisory and Regulatory Work, approved by the State Council, will become effective on May 1, said the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council.

The regulation was amended on the basis of Interim Measures which was launched on May 7, 2006, the SASAC said.

The newly-released regulation made improvements, including encouraging local state assets administration authorities to promote their work by making the division of responsibility explicit and improving the inspectorate system for regulation implementation, it said.

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