Major SOEs urged to pool their resources

Eight of China's major State-owned enterprises are being encouraged by the national assets watchdog to jointly work on key industrial projects amid a massive national push for reform in the State sector.

The companies - Aviation Industry Corp of China, China National Machinery Industry Corp (Sinomach), China Poly Group Corp, China First Heavy Industries, China North Industries Group Corp, China South Industries Group Corp, China Reform Holdings Corp Inc, and China Nuclear Engineering Construction Corp - signed restructuring contracts on Tuesday.

AVIC will transfer its real estate business to the Beijing-based Poly Group, while other companies will cooperate in areas including nuclear technologies and high-temperature machinery production.