The Chinese Government said on August 21 that it had approved the restructuring of three centrally administered state-owned enterprises (SOEs).
Sinolight Corp. and China National Arts and Crafts (Group) Corp. will be merged into the China Poly Group Corp. and become the latter’s wholly owned subsidiaries, according to a statement from the State-Owned Assets Supervision and Administration Commission (SASAC).
This will bring the number of central SOEs to 99, down from 196 in 2003. The SASAC has long aimed to reduce the number of central SOEs to fewer than 100 as it accelerated restructuring and reforms to make SOEs more efficient and competitive.
China has completed mergers between 30 central SOEs since late 2012.