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Fears that the Chinese government controlled state-owned firms were unfounded, said the head of China's powerful State-owned Asset Supervision and Administration Commission

(SASAC).

"It doesn't make any sense," Li Rongrong told the conference. "The assets of many state-owned firms are listed, just like U.S. companies are listed."

However, Li seemed to accept that China needed to do more to allay those fears, saying "We need to do a better job."

($=6.83 yuan)

(Reporting by Kirby Chien, Editing by Peter Blackburn)