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SOEs supported to buy stocks of listed subsidiaries

(Xinhua)
Updated: 2008-09-18 22:05

BEIJING -- China is to back up its 147 centrally-administered state-owned enterprises (SOEs) in buying more stocks of their listed subsidiaries, the top state assets regulator said here Thursday.

Related readings:  China cuts stamp tax on share purchases  World stock markets sink on Wall Street crisis  Stocks dive 3% to fresh low

Li Rongrong, the State-owned Assets Supervision and Administration Commission (SASAC) director, said the regulatory body had long held SOEs, particularly the 147 which report to the central government, should be an active force in facilitating a stable development of the stock market.

Companies mainly owned by the 147 giants should play an exemplary role on the market, he added.

Li stressed the Chinese economy was basically sound, and the 147 conglomerates were performing well. The SASAC supported them to buy more stocks of their listed companies based on their own growth requirements.

Chinese stocks have continued to hit new lows amid worries about global financial turmoil and the slowdown of the domestic economy. On Thursday, Chinese stocks tumbled 1.72 percent, the third fall in three days.