Under the approval of the State Council, China Chemical Industry Corporation was incorporated on May 9.

The newly born entity is the result of reorganization of 5 enterprises under the direct control of the former Ministry of Chemical Industry, including China Bluestar Chemical Group and China Haohua Chemical Group.

The new company will hold 50 billion yuan assets and generate an annual revenue of more than 40 billion yuan.

The State Council took the step as an very significant measure to deepen reform on SOEs and reorganize state assets.

Ren Jianxin, general manager of the new company, vowed to vigorously push the reorganization of enterprises forward, further reform on enterprises, build modern corporate system, and standardize the structure of parent company and its subsidiaries.

His plan ranges from business integration and assets reorganization for enterprises involved to optimization of resources allocation on the principle of concentrating on pillar business and specialized cooperation.

The new company aims to have its assets and sales both exceeding 100 billion yuan and nudge into the world��s top 500 in three years.

By People's Daily Online