China has formed a new state-owned conglomerate to enhance its international competitiveness in the field of transportation construction, official sources said in Beijing on Monday.

The China Transportation Construction Group, which was formally established on Sunday, was the outcome of a major merger between the former China Harbor Construction Company and China Road and Bridge Company.

With a total registered capital of 4.5 billion yuan (560 million U.S. dollars) and overall assets of nearly 70 billion yuan (8.7 billion U.S. dollars), the new company's business mainly covers design and construction of large and extraordinarily large transportation infrastructure, such as harbors, bridges and tunnels.

The company will further raise efficiency and better management, in a bid to achieve stock listing soon, said the sources.

Source: Xinhua