Sinopec
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06/05/2001
www.sinopec.com.cn Staff cut down: Sinopec plans to cut down about 27,000 employers from its payroll in the first half-year of 2001 and lay off 100,000 more in the next five years, said Chen Ge, company spokesman. The move aims to employ international modern corporative systems and improve efficiency, according to the company's annual report. All its subsidiary companies also made relevant cutting plans and targets, and the whole plan is going very well now, said Chen. As one of the largest State-owned companies, the plan to cut staff also received full encouragement from governmental departments. Every employee dismissed will obtain a certain sum of money, and it is predicted that the company will spend nearly 1.02 billion yuan (US$123 million) in paying compensation, which constitutes only a small part compared with about 328.9 billion yuan (US$39.8 billion) last year in gross sales. Medical industry growing: The medical industry will be one of the rapid growing industries in China this year, said Yu Mingde, an official of the State Economic and Trade Commission (SETC). It was estimated that the total output value of the medical industry would reach 270 billion yuan (US$33 billion) this year, Yu said, and the total profit would reach 17 billion yuan (US$2.05 billion). Statistics from January to April show that the total output value of the national medical industry increased by 15.6 per cent, sales income by 13.7 per cent, exports by 16.6 per cent and profit by 18.8 per cent. In the next 15 years or so, biological medicine and modern Chinese traditional medicine will be the key developed products. And the development of modern Chinese herbal medicines will be the key investment sector in the 10th Five-year Plan (2001-05) period. Yu also said that medical companies to be listed are the barometer of the whole medical industry. At present there are 70 listed medical companies, of which 64 listed A shares, one B shares, four H shares and one S shares. Corporate Law amendment: The new amendments of the Corporate Law are expected to relax qualification requirements for companies applying to go public, according to an official of the commission. He said that some stiff indexes will be abolished or changed. For example, the clause which rules that only companies recording three consecutive years of profits may become listed will be changed into companies making profits for three accumulative years. Further, the registered capital requirement for a listing applicant may be decreased to 100,000 yuan (US$12,000) from 300,000 yuan (US$36,000).
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