China’s State-owned Assets Supervision and Administration Commission (SASAC) is perhaps the world’s most powerful business manager. With trillions of dollars in assets under its watch, this government body has oversight over 96 of the country’s biggest state-owned enterprises, including China’s oil majors, its telecommunications giants and its colossal chemical and shipbuilding operations. SASAC was set up in 2003, to assume control of state firms from various state ministries and commissions, and its role is to manage, approve mergers, appoint senior executives and to ensure that the massive state sector is operating efficiently.Nicholas Lardy, at the Peterson Institute for International Economics, has stressed that SASACs decision to create bigger and bigger state firms has not improved their efficiency. It’s been referred to as the “nanny” for big state enterprises.Tobacco and financial SOEs are managed through different centralized entities. SASAC’s companies