State-owned enterprises willing to do more public good

BEIJING: China’s state-owned enterprises have showed more willingness to “serve the people”, according to the state-owned Assets Supervision and Administration Commission (SASAC).

Business giants posted stories of how they have helped the needy and the public on the commission’s website.

Such acts have included helping build schools in rural areas, protecting rare fish and donating money to the poor.

More than 400 entries were posted on the website last year detailing good deeds, some 100 entries more than in 2011.

China’s state-owned enterprises are in charge of the bulk of state assets and important to the Chinese economy.

However, the enterprises have been blamed for amassing wealth partly due to market dominance but not sharing profits with the public.

Last February, the SASAC asked all state-owned enterprises administered by the central goverment to publish reports on social responsibility before the end of last year.

“In addition to making money, enterprises also need to take social responsibility,” said SASAC senior official Peng Huagang.

“If a company doesn’t have a sense of responsibility, it is impossible for it to create international competitiveness,” said Peking University economist Zhang Weiying.

Besides state-owned enterprises, the country’s firms released more than 1,006 reports on social responsibility last year, surging from 32 in 2006, figures from the Chinese Academy of Social Sciences showed.

Taking social responsibility not only means an increase in public good, but can also bring extra profits.

Companies with a strong sense of social responsibility make a good impression on investors that they are reliable and trustworthy, said Ji Xiaonan, board chairman of supervisors on state-owned enterprises. — Xinhua