BEIJING: China will seek to attract foreign investment in its larger state-owned enterprises (SOEs), which are undergoing reforms to make them more competitive, the head of the country’s state asset regulator said.
China began a new round of reforms in 2016 aimed at streamlining its lumbering SOEs by introducing private capital, curbing overcapacity, shutting down “zombie” subsidiaries and restructuring assets.
Private and foreign firms should “actively participate in reform and development of central enterprises, and jointly explore ways of deep cooperation including mixed-ownership,” Xiao Yaqing, chairman of the State-Owned Assets Supervision and Administration Commission (SASAC), said on the regulator’s website on Sunday.
China has been promoting “mixed-ownership” reforms aimed at introducing private capital and management methods into giant central government SOEs. The SASAC will also support investment by state giants in private and foreign firms, Xiao said, without giving details.
China to lure foreign investment in state giants
China to lure foreign investment in state giants
- China began a new round of reforms in 2016 aimed at streamlining its lumbering state-owned enterprises
Lloyd’s market engaging with US government over Gulf maritime plan, officials say
LONDON: The Lloyd’s of London market is engaging with the US government’s International Development Finance Corporation over a plan to provide political risk insurance and guarantees for maritime trade in the Gulf, Lloyd’s market officials said on Thursday.
“Lloyd’s is engaging constructively with the US Development Finance Corporation and relevant stakeholders, with a clear focus on ensuring that the Lloyd’s market continues to lead as the global center of excellence for war risk insurance,” a Lloyd’s spokesperson said.
The Lloyd’s Market Association, which represents the interests of all underwriting businesses in the Lloyd’s market, welcomed the engagement of US President Donald Trump, its CEO Sheila Cameron said separately in a statement on Thursday.
“Since Sunday 1 March, there have been at least 40 transits of vessels through the Strait of Hormuz. There remain approximately 1,000 vessels, approximately half of which are oil and gas tankers, with an aggregate hull value exceeding $25 billion in the Persian/Arabian Gulf and surrounding waters,” Cameron said, citing data.
Cameron added that the vast majority of these vessels were insured in the London market and insurance “currently remains in place.”
Insurance broker Marsh said on Wednesday it had met with US officials to explore solutions for restoring maritime trade.
The US Navy could begin escorting oil tankers through the Strait of Hormuz if necessary, Trump said on Tuesday, adding he had ordered the International Development Finance Corporation to provide political risk insurance guarantees for maritime trade in the Gulf.
Earlier this week, London’s marine insurance market widened the area in the Gulf it deems as high risk as the conflict in the Middle East escalates.
