Barn Door Already Open, Horse is Long Gone
Aggregated Source: China HearsayChinese lawmakers are considering a law to prevent state-owned assets being sold too cheaply, state press reported Sunday, legislation that is likely to tighten Beijing’s control over business.
The draft law details procedures for the restructuring of state assets, including accurate audits before firms are merged or sold, the Xinhua news agency reported.
"The state assets should be transferred at reasonable prices," it said.
China has moved to tighten rules involving the sale of its state-owned companies amid criticism that it has been selling off valuable state assets, especially to foreigners, at firebrand prices.
Fears in China that its booming economy is sliding into the grip of powerful multinationals has prompted lawmakers to move to better control firms and industries.
Just two comments. First, don’t we already have laws that deal with this kind of thing, not to mention government authorities like SASAC that already have jurisdiction here? Second, this could have been a heck of a lot more useful 15 years ago when some real raping and pillaging was going on. Now it’s just political.
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