Chengtong to raise fund to speed up SOE reform

State-owned asset-operating group China Chengtong Holdings Group Ltd is raising a large-scale fund to help finance and speed up structural reform of the SOEs, its Chairman Ma Zhengwu said in Beijing on Thursday.

Ma did not give a precise figure for the new fund, which among other things will help with finances for SOEs to fund their acquisitions and mergers both domestically and internationally.

The State-owned Assets Supervision and Administration Commission chose Chengtong as one of the two State-owned enterprises to pilot SOE reforms selected by the central government this year.