The reorganization of the Foreign Cargo-shipping Corporation of China to merge with China Ocean Shipping Corporation (Group) has already been approved by the State Council the other day as the reporter learned from the State Assets Supervision and Administration Commission under the State Council. And the very company will thenceforth become a full-asset subsidiary company of the COSC.

Up to now, the enterprises in which the proprietors take up the responsibility implemented by the State Assets Supervision and Administration Commission have been reduced to 177 in total.

Ever since this year, the State Assets Supervision and Administration Commission has stepped up the paces for the layout and structural adjustment of the central-run enterprises, In exception of the reorganization of the Foreign Cargo-shipping Corporation of China it has brought to finish the reorganization of the other two central-run enterprises prior to this one. They are respectively the mergence of China Construction Material Research Institution, China Light Industry Machinery Corporation into China Construction Material (Group) Corporation and the mergence of China Hydro-power and Water Conservancy Company for Foreign Business into the China Water-Conservancy Investment Corporation, all being full-asset subsidiary companies.

As learned, in line with the adjustment and reorganization concept determined by the State Assets Supervision and Administration Commission only some 80 - 100 central-run enterprises will eventually be retained, which are mainly focused in the fields of resources, energy sources, metallurgy, automobiles and major equipment and installations as well as commerce and trade for they are the business sectors of great and strategic importance for national economy and the state safety and security. And on the voluntary basis, the State supports and encourages the central-run enterprises to make further mergence by way of reorganization, continue to push ahead the reorganization of the same but non-major trades between different enterprises and to offer an active guidance to the acquisition of the central-run enterprises. The objective of structural adjustment is for cultivating and developing some 30 - 50 large group enterprises having enough competitiveness for international competition.

"Two years will be afforded for the central-run enterprises to develop themselves to place them among the top three, said Li Rongrong, Director-general of the State Assets Supervision and Administration Commission, and if they are unable to reach the requirement within the framework of the time the state will submit them to reorganization then."

The Anshan Steel Group and Benxi Steel Group, the two giants in the iron and steel industry in China will come to merge as Liu Jie, CEO of the Anshan Steel Group revealed to the reporter in the period when he was attending the National People's Congress. And after mergence the annual output will reach 20 million tons, almost close in on that of the Baoshan Steel Group in Shanghai, the dragon-head of the iron and steel industry in China.

By People's Daily Online