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Updated Tuesday, August 31, 2010 12:30 am TWN, 63



	In this file photo taken April 24, a model stands next to the all-electric I-Car, a concept car debuted by state-owned automaker Dongfeng Motor Corp. at the Beijing Auto China 2010 show in Beijing. (AP) Enlarge Photo

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China state firms in int'l talent search

Last year, a major aerospace firm, state-owned Aviation Industry Corp. of China, announced a worldwide campaign to recruit managers and said it would consider foreigners. After a six-month search, AVIC hired six Chinese executives.

Louie pointed to Dongfeng's current managers as a possible model of the balance that Beijing hopes to achieve: “They are loyal to the party and yet they know how to run companies of that size.”

SASAC oversees 123 companies including China Mobile, the world's biggest phone carrier by subscribers, Bank of China Ltd. and China Life Insurance Co. PetroChina is the world's No. 2 company by market value behind Exxon Mobil Corp. and Industrial & Commercial Bank of China Ltd. is the biggest commercial lender by market value.

Beijing wants to create 30 to 50 state-owned companies with “strong international competitiveness,” SASAC's then-chairman, Li Rongrong, said in July.

The government wants its companies to retain “absolute dominance” in industries such as power, oil and petrochemicals, telecommunications, coal, aviation and shipping, Li told state media.

SASAC said total profits at its companies rose 60 percent in the first half of this year over the same period of 2009 to 543 billion yuan (US$79.5 billion).

State industry flourished under Beijing's stimulus, which poured money into building highways and other public works, handing a windfall to government-dominated fields such as cement and steelmaking.

Private sector businesses say they were left to struggle without aid. The gap was so striking that the Chinese press coined a term for it: “Guo jin, min tui,” or “The state advances, the private sector retreats.”

Other jobs advertised Monday included general manager of Chinatex Corp., a major textile producer; deputy general managers at China National Administration of Coal Geology, China National Gold Group Corp. and China Guangdong Nuclear Power Holding Corp. and other jobs at China Shipping (Group) Co., China Resources (Holdings) Corp. and China National Building Material Group Corp.

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Comments

October 24, 2010 jacky55@

Just hiring a single manager from overseas can not change the toxic culture of a corporation and its inefficiency. And I wonder how long that manager will be able to work in such environment at the first place.