2011-02-16 15:59

BEIJING - China announced on Tuesday the establishment of an association for agencies dealing with the transaction of enterprises' state-owned property rights.

The association seeks to standardize the transfer of state-owned property rights between the government, institutions and enterprises, according to an announcement of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).

Huang Shuhe, vice chairman of the SASAC, said that the association would make the state-owned property rights transaction market serve the reforming of state-owned enterprises and restructuring of the Chinese economy better.

The association will supervise its member agencies to abide by laws and regulations for a sustainable and healthy development of the state-owned property rights transaction market, Huang said.

Last year, state-owned property rights transactions generated 92.1 billion yuan ($13.97 billion) on the market, 14.3 billion yuan more than the estimated value before the deals, according to the announcement.

The association, now having 66 member agencies, is supervised by the SASAC.