SOEs suffer heavier losses in quake

2008-7-5  |     NEWSPAPER EDITION

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-- Adverstisement --

AGGREGATE quake losses in China's central state-owned enterprises have surpassed 80 billion yuan (US$11.4 billion), more than double the preliminary estimate of 30 billion yuan, a State Council official said yesterday.

The quake caused 41.4 billion yuan in direct economic losses to these SOEs, Liu Nanchang, deputy director general of the bureau of performance assessment of the State-owned Assets Supervision and Administration Commission said in an online interview. Electric and telecommunication companies took the brunt of the impact, with many of them also victims of the worst snowstorms in 50 years, Liu said.

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