Profits of State-owned Enterprises to Fund Spending on Social Security
Published:
2010-04-07
Local governments above county-level will be required to establish budgets that manage the profits of the state-owned enterprises under their control. Profits from the state-owned enterprises will be used to fund public spending and social security, according to the Regulations on Operation Budget of State-owned Assets (draft) recently issued by the Ministry if Finance (MOF). According to the 2010 budget released by the MOF, the income of centrally-owned assets is expected to reach 42.1 billion yuan in 2010.
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