Economy

China's CNSC merged with SINOPHARM

(Xinhua)
Updated: 2010-10-18 21:48

BEIJING - The China National Service Corporation for Chinese Personnel Working Abroad (CNSC), a centrally-administered state-owned enterprise (SOE), has merged with the China National Pharmaceutical Group Corporation (SINOPHARM), the country's state-assets authority said Monday.

The merger comes after the approval by the State Council, China's Cabinet, and it would make CNSC a wholly-owned subsidiary of SINOPHARM, said a statement on the website of the State-Assets Supervision and Administration Commission (SASAC), without providing more details concerning the management changes.

With this merger, the number of the centrally-administered SOEs under the SASAC is reduced to 122.

SINOPHARM is the largest pharmaceutical and healthcare group under the SASAC, while the CNSC, established in 1983, was a state-owned comprehensive enterprise of international trade and economic cooperation.