Economy

'Going global' subsidies for SOEs groundless

(Xinhua)
Updated: 2010-11-01 13:31

BEIJING - Chinese Vice Minister of Commerce Chen Jian said Monday the allegation that China's State-owned enterprises "going global" had received subsidies from the government is "entirely groundless".

He also said Chinese enterprises paid $10.6 billion in taxes and employed 438,000 local people overseas in 2009.

Appreciation of China's currency, the renminbi (RMB), also known as yuan, is beneficial to Chinese enterprises when investing overseas, but will negatively affect the country's export, according to Chen.