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China Recruiting Foreign Executives

An advertisement Monday in the state-run China Daily said candidates "from home and abroad" can apply to be general managers at companies including the state-run nuclear-power technology company, its construction engineering company and automaker Dongfeng Motor Corp., the local partner of the Nissan Motor Co.

Communist leaders said they are interested in hiring foreign business leaders because Chinese state-run companies trail foreign rivals in skills and corporate efficiency. But analysts warned any foreign applicants that the government can be expected to hold on to the ultimate decision-making authority.

China said last month it wants to create 30 to 50 new state-owned companies and to build "absolute dominance" in such fields as power generation, oil, telecommunications, aviation and shipping.

Other positions listed in the China Daily advertisement were for companies involved in the textile, coal, gold, shipping and building material industries. China Daily is the main government newspaper aimed at foreign readers.

The Chinese government oversees 123 companies, including China Mobile, the world's biggest phone carrier by subscribers; Bank of China Ltd., PetroChina and China Life Insurance Co.

The government said that its profits from the companies rose to nearly $80 billion in the first half of this year, a 60 percent increase over the same period in 2009.

Some information for this report was provided by AP, Bloomberg and Economic Times