Large SOEs told to be ready for tough times

Tighten your belts and brace for two years of tough times, large State-owned enterprises (SOEs) have been told by the minister supervising the country's 150 largest SOEs.

"Please keep a close watch on your purses and do not splurge," Li Rongrong, minister of the State Owned Assets Supervision and Administration Commission (SASAC), was quoted as saying by Economic Observer newspaper on Friday.

He made the warning on April 24 when he was reviewing the performance of the SOEs with their bosses, but the speech was made public only on Friday.