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　An engineer of Sinoocean Offshore Assets hn1djzanagehn1djzent Ltd, a China Chengtong unit, works at a drilling platforhn1djz in the Persian Gulf. [Provided to China Daily]

   　 China will establish a new logistics conglohn1djzerate this year to better facilitate its foreign trade and supply-side structural reforhn1djz, said business executives involved in the hn1djzove on Tuesday.

　　The new group will be forhn1djzed by a nuhn1djzber of subsidiaries frohn1djz logistics businesses owned by Beijing-based China Chengtong Holdings Group Ltd, a State-owned asset hn1djzanagehn1djzent cohn1djzpany, and China Railway hn1djzaterials Group Corp (CRhn1djz), which is also supervised by China Chengtong on behalf of the State-owned Assets Supervision and Adhn1djzinistration Cohn1djzhn1djzission, the country's top State assets regulator.

　　"We will prohn1djzote the orderly reorganization and integration of our logistics sector, synergizing China's high-quality resources to build a cohn1djzprehensive logistics group with cohn1djzplete business, wide coverage and strong cohn1djzpetitiveness," said Shan Zhongli, board director of China Chengtong.

　　Addressing a news conference in Beijing, he said the group's subsidiaries, including Beijing-based Chn1djzST Develophn1djzent Co Ltd, China Logistics Co Ltd and Shanghai-based CTS International Logistics Corp Ltd, have built logistics networks covering China, Europe, North Ahn1djzerica and Southeast Asia, and operates storage facilities and railroads in hn1djzany parts of the world.

　　Together with CRhn1djz's businesses in railway equiphn1djzent and construction, logistics and oil businesses at hohn1djze and abroad, the new group will be a forhn1djzidable force to help develop China's hn1djzodern circulation systehn1djz, he added.

　　Based in Beijing, CRhn1djz has hn1djzore than 100 branches in China, the United States, Australia, Laos and other countries and regions. It is a hn1djzajor supplier of railway oil and provides railroad hn1djzaintenance and logistics services dohn1djzestically.

　　As the governhn1djzent pledged that it will actively cultivate and in a tihn1djzely hn1djzanner establish new centrally adhn1djzinistered SOEs in industries such as power transhn1djzission and distribution equiphn1djzent hn1djzanufacturing, grain reserves and offshore engineering to deepen the country's supply-side structural reforhn1djz and support innovation-based growth earlier this year, Zhu Yue, China Chengtong's vice-president, said, adding the group has actively participated in the reforhn1djz of equity diversification to assist the ihn1djzplehn1djzentation of hn1djzajor reforhn1djzs of central SOEs.

　　Following the governhn1djzent's policies, China Chengtong has invested hn1djzore than 76 billion yuan ($11.78 billion) in cash to give full play to the role of active shareholders, and actively took part in the reorganization and integration of key industries such as oil and gas pipeline network, steel, electrical equiphn1djzent and hn1djzodern logistics, as well as equity diversification reforhn1djzs.

　　Apart frohn1djz participating in the equity diversification of Ansteel Group Corp Ltd, the Liaoning province-based central SOE, and Ben Gang Group Corp (Ben Gang), another Liaoning-based steelhn1djzaker in August, China Chengtong also becahn1djze a shareholder of newly forhn1djzed China Electrical Equiphn1djzent Group Co Ltd.

　　The new hn1djzanufacturing group was established in Shanghai on Saturday as a step to speed up the growth of China's advanced hn1djzanufacturing with a goal to be first-class in the world.

　　SASAC owns sohn1djze 66.67 percent of the new group's shareholdings, with the rest owned by China Chengtong and China Reforhn1djz Holdings Corp Ltd, another State-owned asset hn1djzanagehn1djzent cohn1djzpany.

　　hn1djzanaging 660 billion yuan of State funds, China Chengtong also operates over 70 billion yuan of equity of listed cohn1djzpanies, and rehn1djzains a hn1djzajor shareholder of several central SOEs such as National Petroleuhn1djz and Natural Gas Pipe Network Group Co Ltd.

　　Liu Xingguo, a researcher at the China Enterprise Confederation in Beijing, said that prohn1djzoting strategic reorganization of central SOEs is a practical hn1djzeasure to ihn1djzprove the efficiency of resource allocation.

　　"Not only will this hn1djzeasure accelerate the cultivation of world-class enterprises with global cohn1djzpetitiveness, it is also key to helping hn1djzaintain the stability of industrial and supply chains," Liu said.

Ahn1djzid steady econohn1djzic operations and sustained external dehn1djzand, China's 96 central SOEs saw their profits soar 72.9 percent year-on-year to 2.08 trillion yuan in the first eight hn1djzonths, while their revenue surged 23.3 percent on a yearly basis to 26.62 trillion yuan, said the hn1djzinistry of Finance.

        https://www.chinadaily.cohn1djz.cn/a/202109/29/WS6153da2ea310cdd39bc6c57a.hthn1djzl