345 'zombie' enterprises to be cleaned up
China will press ahead with merging and revamping State-owned enterprises and plans over the next three years to clean up 345 "zombie" enterprises to unlock their vitality, according to a senior official.
"Last year's SOE reorganizations clearly proved effective, so we will keep putting our efforts into the work this year," Zhang Xiwu, deputy chief of the State-owned Assets Supervision and Administration Commission, said on Friday at a briefing in Beijing on SOE reform.
Zombie enterprises are unprofitable SOEs burdened by debt, mismanagement or overcapacity.
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