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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: RealMuLan who wrote (17532)	12/3/2004 11:53:57 AM
From: RealMuLan	Read Replies (1) of 116555

China shrugs off $550m loss at CAO By Mure Dickie in Beijing Published: December 3 2004 02:00 \| Last updated: December 3 2004 02:00 The loss of $550m by a single state-owned company might be expected to be a big affair in a country where per capita GDP is just $1,000, but China has so far reacted with surprising equanimity to the scandal engulfing its Singapore-listed aviation fuel supplier. "This is just a minor interlude and a small incident," said an expert on public company management who is close to China's state-owned Assets Supervision and Administration Commission (Sasac), the body that indirectly controls China Aviation Oil. CAO's losses were not even a hot topic of conversation at a conference on capital markets and corporate governance in Beijing yesterday. Sasac itself has yet to comment, but local economists and analysts said the scandal would not change China's policy of pushing state-owned enterprises to list and work abroad. news.ft.com

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