China slashes state-run companies to 99

Updated 2017-08-23 09:00:42 CGTN

China's crop of state-owned enterprises (SOEs) will slim to just 99 as the government looks to increase their efficiency and profitability, while bolstering competition on a global stage.

China National Arts & Crafts (Group) Corp. (CNACGC) and light industry contractor Sinolight Corporation will merge into real estate developer China Poly Group Corp.

State-owned Assets Supervision and Administration Commission (SASAC), China's asset regulator, confirmed the merger on Monday in a statement.

Sinolight and CNACGC will become wholly-owned subsidiaries of China Poly Group, the statement added.

The number of SOEs in China has plummeted from 196 in 2003, to what will be 99 following the merger, Xinhua News Agency reported.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 23 2018 02:12:18

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 23 2018 02:12:18

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 23 2018 02:12:18

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords