China creates new state-owned logistics giant
BEIJING (CAIXIN GLOBAL) – A new logistics behemoth in China combining five state-owned companies was launched Monday in a push by the central government to consolidate state assets.
China Logistics Group, with registered capital of 30 billion yuan (S$6.43 billion), was created through a combination of China Railway Materials Group and four subsidiaries of China Chengtong Holdings Group – China National Materials Storage and Transportation Group, CTS International Logistics Corp. Ltd., China Logistics Co. Ltd., and China National Packaging Corp.
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