China said to plan closer oversight of state company funds

Singapore

CHINA will create a centralised financing company to oversee some US$304 billion of funds held by the country's state-owned enterprises' finance units, people familiar with the matter said.

The plan, approved by the State Council or Cabinet, will increase the government's ability to supervise the non-financial central SOE finance companies' investments, giving the entity a fuller picture of how these companies are using funds, according to the people, who asked not to be named because the plans have not been made public.