CHINA

Funds Earmarked for Top State Companies: The government initiative sets aside $14.5 billion for technology upgrades at 902 companies that are either leaders at making profits or in developing key projects, said Chen Yanhai, director of the State Economics Commission’s general office. About a third of China’s more than 100,000 state enterprises lose money, largely because a fifth of their workers are surplus. “In the past, many firms have taken technology-upgrading loans and can’t repay them,” Chen said. “This time, we are choosing only good, strong enterprises. The bad ones can be reformed through bankruptcy, mergers or takeovers.” The plan aims to ensure that higher investment in state enterprises actually results in higher profits and taxes for the government, Chen said.