BUSINESS China greenlights merger plan of two shipbuilding giants

BUSINESS

China greenlights merger plan of two shipbuilding giants

Xinhua

22:10, October 26, 2019

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Photo: VCG

BEIJING, Oct. 26 (Xinhua) -- China has given the go-ahead to the merger plan of its two largest shipbuilders, the country's top state-owned asset regulator said.

Approved by the State Council, China Shipbuilding Industry Corporation and China State Shipbuilding Corporation Limited will implement a joint reorganization, according to statement disclosed Friday by the State-owned Assets Supervision and Administration Commission.

The two will merge into one corporation, which will be administered by the commission.

China has stepped up the reform of state-owned companies in recent years, encouraging industrial mergers to improve operational efficiency and boost competitiveness.

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