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BEIJING, Aug.19 (Reuters) – China will set up new central government-owned conglomerates with a focus on strategic emerging industries in a timely manner, the State Assets Supervisory and Administration Commission said on Thursday ( SASAC).
Public giants of the world’s second-largest economy are expected to step up innovation and boost technological research for industrial machines, high-end chips, new materials and new energy vehicles, SASAC said in a statement on its website Internet.
The net profit of companies owned by the Chinese central government more than doubled in the first seven months of the year compared to the same period a year ago to reach 1,200 billion yuan ($ 185 billion), SASAC said.
The rise in commodity prices has mainly benefited the Chinese state giants, which dominate upstream industries, while small businesses are struggling to pass the higher costs on to consumers.
($ 1 = 6.4934 Chinese renminbi yuan)
Reporting by Cheng Leng and Kevin Yao; Editing by Shri Navaratnam and Kenneth Maxwell
Our Standards: Thomson Reuters Trust Principles.
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