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2,000 State-Owned Chinese Businesses Expected to Go Bust within 5 Years

More than 2,000 state-owned businesses in China are expected to go bankrupt within five years as the government continues in its efforts to make business practices more efficient.

The China Daily newspaper quotes an anonymous government official Monday as describing the move as an important step in the country's state-owned assets restructuring process.

The newspaper says that since 1995, nearly 7,800 state-owned businesses have gone bankrupt, but 159,000 others still are operating.

China as been very cautious about implementing reforms, fearing unrest by possible massive unemployment.