China may loosen grip on steel, nonferrous

Dec 19, 2006 | 02:19 PM | Lacey Lei Sun

The Chinese government has given the steel and nonferrous sectors a second-tier strategic classification, leaving open the possibility that state ownership in those industries could be reduced further.

In a new classification announced Tuesday, the government has identified seven industries as vital to the nation armaments, electricity generation, oil, telecommunications, coal, aviation and shipping.

State-owned companies will keep absolute control of companies in those sectors through sole ownership. "Those sectors are crucial to our state security and national economy," Li Rongrong, director of the State-owned Assets Supervision and Administration Commission of the State Council, told China's official Xinhua News Agency. "State-owned capital investment should be concentrated in those industries."....

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