Economy
China revs up central enterprise regrouping
By Zuo Likun (chinadaily.com.cn)
Updated: 2010-04-06 10:26
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At least 27 central enterprises will be regrouped this year amid the ongoing merger and consolidation among state-owned assets, trimming the heavyweight bloc to about 80 to 100 firms, in a bid to beef up their market vitality, the China National Radio reported Tuesday.
"By the end of 2010, (the number of) central enterprises will be adjusted to 80 to 100. It's a set goal," said Shao Ning, vice chairman of the State-owned Assets Supervision and Administration Commission (SASAC), an influential State Council agency known for its control on China's king-sized conglomerates of central enterprises.
"Cutting number is not our aim, but a first step in state-owned resources optimization. We want to nourish mega-groups with international competitiveness," added Shao, whose agency SASAC, set up in 2003, has regrouped 196 central enterprises into the current 127.
Analysts believe seven industries would be eligible for the merger reform: aviation, coal, automobile, steel, telecom, non-ferrous metal and construction.
