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|  | | China to speed rationalization of state enterprises |
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¡¡¡¡Senior government officials recently have said China will speed up restructuring of its state-owned enterprises in the second half of the year, forcing mergers of large conglomerates and accelerating sales of non-strategic assets across a wide range of sectors.
¡¡¡¡Wang Huisheng, president and chief executive of the largest state-owned industrial holding company, said the government will now begin driving the process. In the shipping sector, Wuhan-based China Yangtze Transportation Group, the country's biggest river shipping company, and Beijing-based Sinotrans Group, a logistics group that has partnered with Germany's DHL, are set to merge at the urging of SASAC. This would allow them to compete with the state-owned China Shipping Group and COSCO.
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