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SASAC starts large-scale merger and acquisition
www.chinanews.cn 2005-08-30 14:14:55
Chinanews, Aug. 29 - "The State-owned Assets Supervision and
Administration Commission (SASAC) is now accelerating to cultivate 80 to
100 large centrally-owned enterprises. Through merger, acquisition and
restructuring, the original 198 central enterprises will be probably
reduced to 30 to 50," said Wang Zhongming, director of the Economic
Research Center of the SASAC, at the "2005 third Summit of Enterprises
M��A and Financing Practice" last Friday.
Wang pointed out that the present restructuring and adjustment for
central enterprises has a definite goal - to accelerate to nurture and
develop 80 to 100 large companies and groups featuring advanced
technologies, reasonable structures, flexible mechanisms, independent
intellectual property rights and relatively strong competitiveness in the
international market, and boost more state-owned capital to concentrate
on important sectors and key areas crucial to national economy, on
sectors with preponderant competitive edge and realms that may become
leading industries in the future, and on central enterprises.
It is learned that SASAC is continually speeding up merger, acquisition
and restructuring for central enterprises. At the central enterprise
leaders' conference held on August 19th, SASAC director Li Rongrong also
said that in the second half, central enterprises should focus on picking
up the pace of adjustment and restructuring in order to strengthen their
main businesses.
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