2010-12-22 16:03

China officially launched its third State-owned assets management company Wednesday, aiming to speed up the consolidation and restructuring of State-owned enterprises (SOEs), the Shanghai Securities News reported Wednesday.

Guoxin Asset Management Co will be responsible for consolidating small-sized SOEs. Xie Qihua, former chairman of Baosteel Group, will become chairman of the board, and Liu Dongsheng, a senior official at the State-owned Assets Supervision and Administration Commission (SASAC), will be general manager, the report said.

Wang Zhigang, director of an enterprise research center under SASAC, told the newspaper that the firm will mainly manage "some research institutes, trade companies and some small enterprises."

The other two State-asset managing agencies under the SASAC are China Chengtong Group and State Development and Investment Corp.