Business / Companies

China's central SOEs accelerate integration

(Xinhua) Updated: 2016-09-07 07:59

BEIJING - China's state-owned enterprises (SOEs) are speeding up efforts to integrate their businesses and resources amid a government campaign to reorganize them.

Eight centrally administered SOEs, including the Aviation Industry Corporation of China (AVIC) and the China National Machinery Industry Corporation (Sinomach) signed agreements on Tuesday to cooperate on project building.

AVIC and Sinomach will jointly develop a forging press project, while AVIC will transfer its real estate business to Poly Real Estate Group.

The agreements also include cooperation between the China National Nuclear Corporation and China First Heavy Industries.

China has started accelerating the reorganization of its SOEs to improve competitiveness and combat downward pressures on the economy.

Last month, the China Building Materials Group was officially established following the merger of China National Building Materials Group Corporation and China National Materials Group Corporation.

There are currently more than 100 SOEs directly regulated by the central government, while many more are under administration of local authorities.

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