Petro

In: Other Topics

Submitted By eugenehsu9
Words 448
Pages 2
In order to boost the economy and retain competition in the world, a lot of countries always want to become a member of the World Trade Organisation, even so does China. Berofe 2000, state-owned enterprises was never to float shares in the foreign exchanges, but the first time a state-owned enterprise had initial public offering in foreign exchanges is a oil and gas industry which has a huge impact on China’s economic development rather than others. I think the big change about corporate governance in China is for a purpose which is to become a member of the WTO. In order to obey the WTO’s regulations,China has no choice but to open up the economy to foreign companies and put itself to international capital markets, so they realize the importance of corporate governance. Although China reformed the corporate governance to catch up with international standards,it is still a lot of differences between both. In China, party committees system is the world famous,it is very common to find the party committees who always play the important role in any state-owned enterprises By doing so, the Communists can supervise any business activities and take action to deal instantly. Besides,former and existing supervising government departments also have had a tremendous influence on the investment decisions of SOEs. The key point of this two differences is China will not let any problems about ownership happened with supervising. For the foreign companies, this two uniques in China are so hard to believe. Other than this two uniques, there are many questions about PetroChina’s corporate governance. First of all, PetroChina is a subsidiary of CNPC, if China really wants to reform corporate governance, why don’t take CNPC for example. Second, PetroChina’s equity shares is barely ten percent launched on the New York Stock Exchange, it…...

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