Central SOEs reduced to 127

Central SOEs reduced to 127

China New Era Group Corporation and China Energy Conservation Investment Corporation, two centrally-administered State-owned enterprises (SOEs), were approved by the State Council to restructure into one company, China\’s State-assets watchdog said in a statement posted on its website.

The number of SOEs under direct supervision of the State-owned Assets Supervision and Administration Commission (SASAC) has been reduced from 128 to 127, according to the statement.
The SASAC is aiming to reduce the number of centrally-administered SOEs to between 80 and 100 by 2010 through a policy of mergers and restructuring. It had responsibility for 196 when it was first established in 2003.