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China's State-owned tourism giants merge

(Xinhua) Updated: 2016-07-12 07:24

China's State-owned tourism giants merge

Chinese employees are seen at the stand of China International Travel Service (CITS) during an exhibition in Shanghai, 14 November 2014.[Photo/IC]

BEIJING - China's State-asset watchdog said Monday the China International Travel Service (CITS) is no longer under its supervision as it has merged with another State-owned travel company.

Approved by the State Council, CITS is now a wholly-owned subsidiary of the China National Travel Service (HK), the State-owned Assets Supervision and Administration Commission (CSRC) said in a statement.

"The CITS is no longer under the CSRC's supervision," the statement said.

China National Travel Service (HK) Group is a leading travel group engaging in tourism, industrial investment, real estate development and logistics.

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