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SOEs go own way on fund use

By Bao Chang (China Daily) Updated: 2012-12-14 09:47

Central State-owned enterprises are stepping up the establishment of independently operated financial institutions to strengthen their capital centralization and promote the efficiency of fund usage.

The move is part of central SOEs' effort to improve their financing capabilities, as banks' lending scale has been curbed, experts said.

CSR Co Ltd, one of China's largest metro vehicle manufacturers, announced on Wednesday it will open its own financing company with registered capital of 1 billion yuan ($159.9 million).

"Amid the rapid development of China's railway infrastructure construction, CSR's various kinds of business have expanded rapidly, leading to a booming capital scale and longer fund-chain within the corporation," said Zhan Yanjing, chairman of the board of CSR Finance Company Co Ltd.

Zhan said that this progress resulted in a greater need for cash flow management and financing capabilities, which are crucial to improve CSR's overall competitiveness and operating efficiency.

The newly established financial unit will be developed into an independent and modern financial enterprise, providing fund management and financial services, according to a statement from the company.

CSR's move comes only a week after its main competitor, CNR Co Ltd, launched its financing arm.

CNR , another State-owned railway transportation equipment conglomerate, inaugurated its finance company last Thursday with 1.2 billion yuan in registered capital, in a bid to boost its financial management capabilities.

China CNR Finance Co Ltd was established as its parent company is striving to become a leading multinational railway solutions supplier.

By 2015, CNR's annual revenue is set to reach 140 billion yuan, up from 89.3 billion yuan in 2011. The company has a greater demand for financing management, and increased operating efficiency of capital and cash flow, it said in a statement.

"The establishment of financing units within SOEs is a positive signal showing that those State-run industrial giants are trying to use capital more effectively amid the current tightening credit conditions," said Chen Daofu, department chief at the Financial Research Institute of the Development Research Center of the State Council.

 

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