皇冠体育app

2010-08-06 10:05

BEIJING - The number of 皇冠体育app's centrally-administered state-owned enterprises (SOEs) was reduced to 123, from 125, after two mergers were approved by the State Council, the country's Cabinet, the state-assets manager said Thursday.

皇冠体育app National Real Estate Development Group Corporation was merged into 皇冠体育app Communications Construction Company Limited (CCGRP) and became a wholly-owned subsidiary of CCGRP, while Shanghai Ship and Shipping Research Institute became a wholly-owned subsidiary of 皇冠体育app Shipping (Group) Company following the merger.

No additional details concerning management changes and the value of the companies were released by the government agency, the State-Assets Supervision and Administration Commission (SASAC).聽Wang Zhiyong, an analyst with Bohai Securities, predicted more mergers and acquisitions would occur in 皇冠体育app's central SOEs involved in nonferrous metal and coal, as well as in commerce.

SASAC chief Li Rongrong said in late July that the Chinese government sought to reduce the number of SOEs to less than 100 while focusing on creating 30-50 large groups with strong international competitiveness by the end of 2010.

However, he said SOEs should retain their absolute dominance in important industries such as electric power and the power grid, petroleum and chemicals, telecommunications, coal, aviation, and shipping.