Investment in China's major state-owned enterprises (SOEs) is growing at an appropriate rate, said a top Chinese official Sunday.

Li Yizhong, deputy director of the State Asset Supervision and Administration Commission (SASAC), said that while the SOEs witnessed double-digit growth in investment in the first half of this year, over-investment had not yet occurred.

The SASAC will supervise the amount and project choice for investment in major SOEs, to reduce risks and increase returns, hesaid.

Investment should focus on core business of the enterprises, hesaid, and investment in projects that are not closely related to core businesses should be strictly evaluated and limited.

Decision makers of the SOEs involved in projects that result ina loss would be held accountable, Li said.
 
(Xinhua News Agency August 11, 2003)