Economy
Chinese unhappy about central SOEs' missing billions
By Zhao Chunzhe (chinadaily.com.cn)
Updated: 2010-01-04 14:13
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The huge losses suffered by China's central state owned enterprises (SOE) has sparked a debate online with people demanding to know what caused the billions in losses and how to prevent it from happening in the future, chinanews.com.cn reported today.
Thirteen central enterprises in China lost about 6.3 billion yuan ($922 million) in 2008 due to decision failure, misconduct and poor management, and 2.8 billion yuan ($410 million) cannot be recovered, according to data released by the National Audit Office of the People's Republic of China on Dec 30, 2009.
"It's too easy to call the billion loss 'poor management', with which 100,000 primary schools can be built where one million students from poor region can be recruited," a unnamed netizen said online.
