State-owned en­ter­prises sign deals at expo

The Myanmar Times - - Business | International -

CHINA wel­comes com­pa­nies from home and abroad to par­tic­i­pate in the re­form of cen­trally ad­min­is­tered State-owned en­ter­prises by form­ing eq­uity joint ven­tures and co­op­er­at­ing in in­dus­trial up­grad­ing, said the coun­try’s top reg­u­la­tor for State as­sets on Tues­day.

Xiao Yaqing, chair­man of the State-owned As­sets Su­per­vi­sion and Ad­min­is­tra­tion Com­mis­sion, said the SOEs will ex­pand their col­lab­o­ra­tion with ca­pa­ble global com­pa­nies and do­mes­tic pri­vate com­pa­nies to form com­mer­cial groups to de­velop third-party mar­kets, es­pe­cially those in­volved in the Belt and Road Ini­tia­tive.

“We will also en­cour­age cen­tral SOEs to en­large their im­port cat­e­gories to meet their de­mand for in­dus­trial up­grad­ing and the needs of do­mes­tic con­sumers in or­der to fur­ther in­te­grate into the global value chain,” Xiao said at a busi­ness con­fer­ence dur­ing the first China In­ter­na­tional Im­port Expo in Shang­hai.

Thir­teen cen­tral SOEs - in­clud­ing China FAW Group, China Na­tional Ce­re­als, Oils and Food­stuffs Corp, and State Grid - signed im­port, ser­vice and tech­nol­ogy co­op­er­a­tion deals with global com­pa­nies such as ABB Group, Volk­swa­gen AG and West­ing­house Elec­tric Corp dur­ing the con­fer­ence.

China State Ship­build­ing Corp signed a con­tract with Italy-based Fin­cantieri SpA and Car­ni­val Corp & plc of the United States and Bri­tain to build two large lux­ury cruise ships and op­tions on four oth­ers dur­ing the meet­ing.

Rolls-Royce plc, the Bri­tish air­craft engine man­u­fac­turer, signed an engine and long-term main­te­nance ser­vice agree­ment with China East­ern Air­lines in­volv­ing the air­line’s 20 Air­bus A350-900 air­craft, with a to­tal con­tract value of over $1.45 bil­lion.

Tang Bing, ex­ec­u­tive vice-pres­i­dent of China East­ern, said the air­craft and ser­vice pack­age will help the com­pany speed up its global ex­pan­sion to fur­ther com­pete with other es­tab­lished ri­vals.

China Poly Group Corp sealed a deal with Stan­dard Char­tered Bank to pur­chase $1.6 bil­lion worth of pre­cious met­als from the Bri­tish bank­ing and fi­nan­cial ser­vices group over the next two years.

The com­mis­sion has or­ga­nized a gen­eral pur­chas­ing group formed by China’s cen­trally ad­min­is­tered SOEs to par­tic­i­pate in the on­go­ing expo.

It will take part in 58 ac­tiv­i­ties dur­ing the event.

“China’s pro­posal to im­port more ad­vanced in­dus­trial goods and ex­plore third-party mar­ket co­op­er­a­tion via joint ven­tures and other types of part­ner­ships with global com­pa­nies can bring ben­e­fits to both West­ern and de­vel­op­ing coun­tries, with­out caus­ing a clash of in­ter­ests,” said Li Jin, chief re­searcher at the China En­ter­prise Re­search In­sti­tute.

He said projects in­volv­ing China, France and some French-speak­ing African coun­tries are a typ­i­cal ex­am­ple of such col­lab­o­ra­tion. – China Daily

Photo:AP

Signs pro­mot­ing the China In­ter­na­tional Im­port Expo at Lu­ji­azui fi­nan­cial dis­trict in Shang­hai on Oct 17.

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