One Aspect of SOE Reform
In the late 1990s, the mayor of Shenyang (沈阳) Mu Suixin (慕绥新) was trying to sell off state-owned enterprises (SOEs). A needed move, as China's north-east had the largest concentration of SOEs.
He toured southern China trying to find buyers for the factories, but most backed off when they found they have to shoulder the burden of the retired workforce.
Mu even toured London, Rome, Paris and Tokyo, offering to sell the factories for just one yuan.
Golly, just one yuan! Even then, it was not as if there was a stampede for the out-of-this-world offer.
Interestingly, Mu was sentenced to death in 2001 for corruption. He was accused of having broken laws and violated discipline, and becoming "corrupt and degenerate in defiance of Party discipline and State laws."
He was also accused of receiving huge amounts of bribes, appointing people by favoritism and benefits, addressing chiefs of the black market as their brothers, and indulging in the trading of power for money.
He toured southern China trying to find buyers for the factories, but most backed off when they found they have to shoulder the burden of the retired workforce.
Mu even toured London, Rome, Paris and Tokyo, offering to sell the factories for just one yuan.
Golly, just one yuan! Even then, it was not as if there was a stampede for the out-of-this-world offer.
Interestingly, Mu was sentenced to death in 2001 for corruption. He was accused of having broken laws and violated discipline, and becoming "corrupt and degenerate in defiance of Party discipline and State laws."
He was also accused of receiving huge amounts of bribes, appointing people by favoritism and benefits, addressing chiefs of the black market as their brothers, and indulging in the trading of power for money.
posted by Maria Siow @ 3:31 PM
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