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.

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