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| Category | INDUSTRY | Organ of Promulgation | The State Council | Status of Effect | In Force |
| Date of Promulgation | 1997-04-29 | Effective Date | 1997-04-29 |
|
Circular of the State Council on the Approval and Transmission of the Suggestions of the State Planning Commission, the State Economic and Trade Commission and the State Restructuring Commission on the Work of Deepening the Experiments of Large-size Enterprise Groups |
|---|
The State Council approves The work of deepening the experiments of large-size enterprise groups For the purpose of adapting to the requirements of establishing the I.The Necessity and Purpose of Deepening the Experiments of Enterprise Since the transmission of the At present, national socio-economic development in our country has The following major purposes should be served in deepening the (1)form a batch of large-size enterprise groups in the key fields and (2)by the end of the century, modern enterprise system should be (3)promote rational flow of production factors and optimal allocation of resources, linking and bringing
along the reorganization and development of a batch of enterprises, forming scale economy and enhancing competitive (4)improve the operational efficiency and performance of the state- (5)effect transfer in government functions and realize step by step II.The Building of the Structure of Parent-subsidiary Companies with (1)On the basis of settlement of assets and verification of capital and (2)Clearly define the promoters of the parent companies of the enterprise A small number of parent companies of the enterprise groups making (3)Establish scientific and democratic leadership structure and decision- The board of directors shall employ a general manager. The chairman of the board of directors generally shall
not be concurrently the general (4)The enterprise groups making experiments should, in accordance with III.Further Enhancement of the Functions of the Parent Companies of the Enterprise Groups Making Experiments The parent companies of the enterprise groups making experiments should (1)Enhance the investment function of the parent companies of the Projects attracting direct foreign investment which are in compliance Large- and medium-size and above-ceiling projects shall be processed The amount of cumulative investment by the parent companies of the (2)Enhance the function in the adjustment of funds of the parent A small number of the parent companies of the enterprise groups making The parent companies of the enterprise groups making experiments (3)With the approval of the competent department under the State Council, With the approval of the competent department under the State Council, (4)The enterprise groups making experiments which have the required VI.Multi-channel Increase and Supplement of the Capital Funds of the The parent companies of the enterprise groups making experiments should, (1)Adjust rationally the liability structure of the state-owned The departments concerned under the State Council should study ways to (2)Establish rules for the input of capital funds. The parent companies (3)Actively support the enterprise groups making experiments in the V.Strngthening of Supervision over and Evaluation of the Enterprise (1)The parent companies of the enterprise groups making experiments (2)The authorized supervisory organs or the departments concerned (3)The enterprise groups undergoing experiments should, in accordance (4)The enterprise groups undergoing experiments and their member VI.Extension of the Scope of Large-size Enterprise Groups The scope for the selection of second batch of enterprise groups The main eligibilities for the selection of second batch of enterprise 63 large-size enterprise groups have been ascertained to take part in VII.Carrying out Efficient Organizational Work and Exercising Good The State Planning Commission, the State Economic and Trade Commission The enterprise groups making experiments should, in accordance with On the questions of the establishment of financial companies by the It is proposed that the above suggestions, if not found inappropriate, Enclosure:List of the second batch of enterprise groups making | |
| | | (temporary) | | |
| | | Products Group
| Group Limited Liability | |
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| | |
| Company, Ltd. | |
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| | |
| | |
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Group | Company | | China
Port | China Port Construction | |
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Group | Engineering Corporation | |
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| | | China
Textiles Group | China National Textiles | | Oriental
| Oriental(Dongfang) | |
| | |
Group | | |
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| Foot-note: * including Yuejin Auto Group
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Commission, the State Economic and Trade Commission and the State
Restructuring Commission which are transmitted to you for earnest
implementation.
is essential for promoting the basic transformation of the economic
structure and the mode of economic growth. Stress should be laid on
running a number of large-size enterprise groups well, linking and
bringing along the reorganization and development of a number of enterprises, pressing forward structural adjustment, forming scale
economy, improving the operational efficiency and performance of the
state-owned assets and actively extending the role of large-size enterprise
groups as the backbone of the national economy in line with the requirements
of establishing the modern enterprise system and managing well the entire
state-owned economy. The State Planning Commission, the State Economic and
Trade Commission and the State Restructuring Commission should step up
the organization and guidance of the work, and all regions and all
departments concerned should actively coordinate with one another and
create good external conditions for the growth in strength of the large-
size enterprise groups.
Appendix: The Suggestions on the Work of Deepening the Experiments of Large-size Enterprise Groups(The State Planning Commission,
the State
Economic and Trade Commission and the State Restructuring Commission
April 8, 1997)
socialist market economic system and in accordance with the spirit of the
Fifth Plenary Session of the Fourteenth Central Committee of the Communist
Party of China that "the State must lay the stress on running well a batch of large-size enterprises and enterprise groups which
play the role of backbone
in the national economy" and the State Council's requirements for the
selection of second batch of large-size enterprise groups for experiments,
the following suggestions are hereby put forth on the related questions
on the work of making experiments and the list of second batch of enterprise
groups selected for experiments:
Groups
Selection of a Batch of Large-size Enterprise Groups for Experiments
Submitted by the State Planning Commission, the State Restructuring
Commission and the Production Office under the State Council>(Guo Fa
[1991] No. 71), positive progress has been made in the work of making
experiments by 57 enterprise groups in the first batch and the purpose
of making experiments has been basically realized. The main manifestations
are as follows:explorations have been made in smoothing the internal
relations of the enterprise groups with capital as the linkage; functions
of the enterprise groups have been extended and the strength of the groups
has grown, having initially formed a batch of enterprise groups with
considerable market competitiveness which has played a positive role
in promoting structural adjustment and improving scale performance;
having deepened the internal reform of the enterprise groups, promoted
the transformation of the operational mechanism of enterprises and improved
the operational and management level of enterprises; the experiments having
played a demonstrative role in the building and development of enterprise
groups throughout the country.
entered a new phase. The transformation of the economic system from that
of the traditional planned economy to one of socialist market economy and
the transformation of the mode of economic growth from the extensive
management to intensive management are underway. In the process of establishing the socialist market economic system, it has been
determined
that the direction of the reform of state-owned enterprises is the
establishment of the modern enterprise system with the promulgation and
implementation of
in opening up to the outside world, enterprises face increasingly fierce
competition in the domestic and world markets. Therefore, during the
crucial period of realizing the two basic transformations in the development
of the national economy, it becomes all the more necessary to deepen the
experiments of large-size enterprise groups in accordance with the
requirements for the establishment of the modern enterprise system and
good management of the entire state-owned economy.
experiments of large-size enterprise groups:
key trades in the national economy and actively bring into full play the
backbone role of large-size enterprise groups in the national economy.
established initially in parent and subsidiary companies of large-size
enterprise groups which are legal entities and main body of market
competition responsible for their independent operations, their own gains
and losses, self-development and self-restraints. The parent and subsidiary
structure with capital as the main linkage should be established.
capability in the domestic and world markets.
owned assets to ensure the preservation and increment of the value of the
state-owned assets.
the separation of functions of government from those of the enterprise.
Promote transregional and transtrade economic association and enhance
the macro regulatory and control capability of the State.
Capital as the Main Linkage
defining property rights, the parent companies and their member enterprises
of the enterprise groups making experiments should, in compliance with the
relevant provisions of
rebuilding, smooth step by step the internal relations of property rights
of the groups, and build the parent-subsidiary company structure with capital
as the main linkage. The parent companies of the enterprise groups making
experiments may, in general, be reconstructed to be state-owned sole-capital
companies or limited liability companies with more than two shareholders;
the subsidiary companies of the enterprise groups making experiments should
generally be reconstructed to be limited liability companies with more than
two shareholders or companies limited by shares.
groups making experiments by establishing the promoters' system. Those
parent companies of the groups making experiments that are sole-proprietor-
ship state-owned comapnies, their promoters shall be the state-authorized
investment institutions or the state-authorized departments.
experiments which have the required conditions can become the state-
authorized investment institutions with the approval of the State Council.
making structure. The parent companies and subsidiary companies of the
enterprise groups making experiments should, in compliance with
mutually-separated and checking mechanism of the power structure, the
operations departments and the supervisory organs. The boards of directors
and boards of commissioners of the parent companies and subsidiary companies
of the enterprise groups making experiments shall be formed in accordance
with
manager. The sole-proprietorship state-owned companies approved by the
State Council may not establish boards of directors for the time being.
the requirements for the establishment of the modern enterprise system and
the relevant provisions of the State, carry out reform in labor, personnel
and wage systems and strengthen internal management; carry out pension,
medical, unemployment and vocational injuries insurance for workers and
staff members in accordance with the provisions of the State; the non-
production and operational functions undertaken at present should be
separated step by step, and measures should be taken for a satisfactory
settlement of the personnel upon separation.
play a leading role in formulating the group development strategy,
structural adjustment and coordination of interests and become, step by step,
the decision-making centers of such major operational activities as
investment and adjustment of funds, sci-tech development, foreign trade and
economic and technological exchanges. The parent companies of the enterprise
groups making experiments should, in accordance with the development of the industries and the market characteristics of the products,
rationally
determine the operational and management structure of the enterprise groups,
perfect the rules and regulations of the groups, standardize the relations
of rights and obligations between the parent companies and the member
enterprises of the enterprise groups making experiments, and enhance the
overall advantages and competitive capability of the enterprise groups
making experiments.
enterprise groups making experiments. Investment of fixed assets in small
and below-ceiling projects which are in line with the State industrial
policy and distribution policy shall be decided by the parent companies
of the enterprise groups making experiments and the same shall be submitted
to the competent departments of the related industries for the record.
with
conditions for construction, production and operations as well as the
foreign exchange required can be balanced and settled on their own,
production projects the scale of investment of which is under US$ 30 million
can be decided by the parent companies of the enterprise groups making
experiments; and the same shall be submitted to the State Planning
Commission and the State Economic and Trade Commission respectively for
the record according to the nature of the construction projects, and the
contracts and constitutions of the enterprises submitted to the Ministry
of Foreign Economic Cooperation and Trade for the record. The State Planning
Commission and the State Economic and Trade Commission can veto or put forth
suggestions for revision within one month upon the receipt of the documents.
in accordance with the relevant provisions of the State.
enterprise groups making experiments in other limited liability companies
and companies limited by shares in the light of requirements may exceed
fifty percent of their own net assets when entrusted by the State Council,
with the approval of the State Planning Commission, the State Economic and
Trade Commission and the State Restructuring Commission and submission to
the State Council for the record.
companies of the enterprise groups making experiments. With the approval
of the competent departments concerned under the State Council, the parent
companies of the enterprise groups making experiments may engage in
adjustment of funds in domestic and foreign financial and stock markets.
Priority shall be given to those enterprises which meet the required
conditions in the enterprise groups making experiments in making arrangements
for the issuance of enterprise bonds and selection of listing companies.
experiments which meet the required conditions can have the right to engage
in adjustment of funds abroad with the approval of the competent departments
concerned under the State Council.
engaging in international project contracting and other businesses of international economic cooperation can have the right of external
guaranty
in accordance with the provisions of <
approval of the competent department under the State Council.
the parent companies of the enterprise groups making experiments have self-
operated import-export right and can engage in import-export business
operations in products of identical categories relevant to the groups and
matching products. The subsidiary companies or member enterprises of the
enterprise groups making experiments which meet the required conditions
can apply separately for self-operated import-export right. Encouragement
should be given to the organization of export with complete sets of equipment
composed mainly of products of the groups.
the parent companies of the enterprise groups making experiments which meet
the required conditions can engage in overseas project contracting and
overseas services cooperation of their respective industries.
conditions should all set up technology centers, upgrade their capabilities
in technological innovation, digestion and absorption of the inducted
technologies and in development of new products so as to enhance competitive-
ness in the world market.
Enterprise Groups Making Experiments to Extend their Role in Structural
Adjustment
in keeping with the requirements of division of labor in specialization,
carry out structural adjustments in internal organizations of the groups,
in industries and products so as to improve structural performance and
scale performance.
enterprise groups making experiments. Concerning the question of turning
the "appropriated-changed-to-loaned" funds of the enterprise groups making
experiments into state capital funds, it should be implemented in accordance
with the provisions of <
Ministry of Finance and the State Economic and Trade Commission Concerning
Turning the Balance of the Principle and Interest of the "Appropriated-
changed-to-loaned" Funds of a Number of Enterprises into State Capital
Funds>>(Guo Fa [1995] No. 20).
increase and supplement the state capital funds of the parent companies of the state-owned enterprise groups undergoing experiments
through various
channels to enable the state capital funds to reach the prescribed
percentage step by step.
and subsidiary companies of the enterprise groups undergoing experiments
without capital funds or whose capital funds do not reach the level as
prescribed, their promoters should put in capital funds.
reorganization of the state-owned stock assets. The parent companies and
subsidiary companies of the enterprise groups making experiments in cities
undergoing experiments on the "optimization of capital structure" of enterprises determined by the State Council can implement the
relevant
provisions on enterprise merger, bankruptcy and reemployment of workers
and staff members laid down in the
State-owned Enterprise Merger, Bankruptcy and Reemployment of Workers and
Staff Members in a Number of Cities>(Guo Fa [1997] No. 10); the state-owned
enterprise groups making experiments in cities not undergoing experiments
can likewise implement the relevant policy provisions in Guo Fa [1997] No. 10
Document, however, they are subjected to the approval of the National
Leading Group on Enterprise Merger, Bankruptcy and Reemployment of Workers
and Staff Members upon submission of the reports by the Coordinating Teams
on Enterprise Merger, Bankruptcy and Reemployment of Workers and Staff
Members of the provinces and autonomous regions wherein the enterprises
are located and the same shall be integrated into the national work plan
for enterprise merger, bankruptcy and reemployment of workers and staff
members.
Groups Making Experiments
which are sole-proprietorship state-owned companies should, in accordance
with the provisions of the
of commissioners sent by the relevant authorized supervisory organs.
with functions of promoters should carry out regular supervision over
or evaluation of the operations and management of the assets and operations
of the state-owned capital of the parent companies of the enterprise groups
undergoing experiments and decide on the reward or penalty based on the
completion of the evaluation targets.
with the State provisions, establish rules for accounting statements and
tables for group amalgamation. Internal financial and accounting rules and
rules for auditing and supervision of capital operations of the groups
should be perfected to improve the efficiency of capital operations and
regular truthful report on capital operations made to the promoters or
supervisory organs.
enterprises which make tax payments on a consolidated basis should, in
accordance with the relevant provisions of the State Taxation Administration,
be subject to the supervision and control of local tax organs.
Making Experiments and Eligibilities
making experiments is:(1)industries suitable for group development which
the State industrial policy renders major support; (2)enterprise groups
with stronger market competition capabilities or outward-oriented enterprise
groups with strengths; and (3)the parent companies of enterprise groups
with state-owned enterprises as the main body, while simultaneous
consideration will be given to enterprises of other forms of ownership
which meet the required conditions.
groups making experiments are:(1)the enterprise groups already established
with the approval of the State or the departments concerned at the provincial
level, or the enterprise groups the formation of which are underway in the
light of the requirements of the State industrial structural adjustment.
(2)the enterprise groups which hold a decisive position in the scale of assets, production and operations, export and foreign exchange
earnings
and contributions to the country and rank high in the industries. In case
of the parent companies being industrial enterprises, they should, in
general, be ultra-large-size enterprises. (3)the enterprise groups with
better operational achievements and prospects for development, sound
rules for operations and management and higher leadership quality.
(4)the parent companies which do not perform the administrative functions
of the government.
the experiments for the second batch(list enclosed) on the basis of the
above-mentioned principles and eligibilities with the approval of the
State Council.
Leadership in the Experiments of Enterprise Groups
and the State Restructuring Commission should, in accordance with the
division of labor and requirements prescribed in Guo Fa [1991] No. 71
Document, continue to do a good job of organization, guidance and
coordination in conducting the experiments, and all local People's
Governments concerned and the relevant departments under the State
Council should continue to provide positive coordination.
the requirements put forth in this Document for deepening the experiments,
work out proposals for experiments to be submitted to the State Planning
Commission, the State Economic and Trade Commission and the State
Restructuring Commission as well as the departments concerned under the
State Council or the local governments. The work of coordination and guidance
for the formulation of proposals for experiments shall be headed by the State
Economic and Trade Commission. The formulation of proposals for experiments
should be completed by the end of June, 1998. To do a better job in
conducting experiments in enterprise groups, the State Planning Commission,
the State Economic and Trade Commission and the State Restructuring
Commission may, in the light of the actual progress made in the experiments,
put forward suggestions for necessary readjustments in the list of enterprise
groups making experiments in conjunction with the sides concerned and submit
the same to the joint session of the State Council on the reform of the
state-owned enterprises for examination and finalization.
enterprise groups making experiments and application for authorization of examination and approval in foreign affairs, the provisions
laid down in
Guo Fa [1991] No. 71 Document shall continue to be observed; payment of enterprise income tax on a consolidated basis shall be processed
in
accordance with the existing procedures; administration of the main
leading personnel of the parent companies of the enterprise groups
making experiments shall follow the existing management structure and
the relevant provisions of
be no new additions of enterprise groups making experiments listed as
independent units in the state plans and enjoying the political treatment
of the corresponding levels. Where there are inconsistencies in respect of other contents in Guo Fa [1991] No. 71 Document with this
Document, this
Document shall prevail. The departments concerned under the State Council
should, in accordance with the spirit of this Document, revise and perfect
the matching documents formulated for the experiments of enterprise groups
in the past or work out new documents, and promulgate the same for
implementation in conjunction with the State Planning Commission, the
State Economic and Trade Commission and the State Restructuring Commission,
so as to create conditions for pressing forward the experiments of enterprise
groups.
be approved and transmitted to all regions and departments for compliance
and implementation.
experiments
Enclosure:List of the Second Batch of Enterprise Groups Making
Experiments
__________________________________________________________________________
Branches of | Number | Abbreviated Names of | Parent Companies of
Trade | | Enterprise Groups |
the Groups
______________|________|_______________________|__________________________
Agriculture | 5 | China Aquatic |
China Aquatic Products
| |
| Corporation
| | China Agro-Reclama- |
China Agriculture and Land
| | tion Group
| Reclamation(Group)
| | |
Corporation
| | China Animal- |
China Animal Husbandry
| | Husbandry Group
| Industrial & Commercial
| | |
(Group) Corporation
| | Shanghai Agro-Indus- | Shanghai
Agricultural,
| | trial-Commercial | Industrial
& Commercial
| | Group
| (Group) Corporation
| | Jifa Group
| Jifa Group Corporation
| | Jilin Province
| Jilin Province
______________|________|_______________________|__________________________
Machinery | 7 | China Auto Group* | China
Automotive Industrial
| | | Corporation
| | Shanghai Auto Group |
Shanghai Auto Industrial
| | | (Group)
Corporation
| | Tianjin Auto
| Tianjin Auto Industrial
| | Industrial Group | (Group)
Company, Ltd.
| | China Textile
| China Textile machinery
| | Machinery Group
| (Group) Company, Ltd.
| | Xuzhou Engineering
| Xuzhou Engineering Machinery
| | Machinery Group
| (Group) Company, Ltd.
| | Luoyang Ball-bearing | Luoyang Ball-bearing
| | Group
| (Group) Corporation
| | Houwang Group |
Houwang(Monkey King) Group
| | | Corporation
______________|________|_______________________|__________________________
Electronics | 7 | Caihong Group |
Caihong(Rainbow) Group
| | Changhong Group |
Sichuan Changhong Electronics
| | | Group
Corporation
| | Legend Group
| Legend Group Corporation
| | Beida Founder Group |
Beijing Beida Founder Group
| | | Corporation
| | China Hualu Group |
China Hualu Electronics
| | | Company,
Ltd.
| | Shanghai Guangdian
| Shanghai Guangdian(Group)
| | Group
| Company, Ltd.
| | Panda Electronics |
Panda Electronics Group
| | Group
| Corporation
______________|________|_______________________|__________________________
Metallurgy | 4 | Capital Steel Group | Capital Iron
& Steel
| | | Corporation
| | Benxi Steel Group |
Benxi Iron & Steel(Group)
| | | Limited
Liability Company
| | Chongqing Steel Group| Chongqing
Iron & Steel
| | | Group
Limited Liability
| | |
Company
| | Taiyuan Steel Group |
Taiyuan Iron & Steel
| | | (Group)
Company, Ltd.
______________|________|_______________________|__________________________
| |
|
Chemical | 3 | Juhua Group |
Juhua Group Corporation
industry | | Shanghai Tianyuan |
Shanghai Tianyuan(Group)
| | Group
| Company, Ltd.
| | Shandong Ocean
| Shandong Ocean Chemical
| | Chemical Group | Industries
Group Company,
| | | Ltd.
______________|________|_______________________|__________________________
Coal | 2 | Datong Coalmining |
Datong Mining Authority
| | Group
|
| | Yanzhou Mining Group | Yanzhou
Mining Group Limited
| | | Liability
Company
______________|________|_______________________|__________________________
Light | 3 | Guangdong Fo Tao
| Guangdong Fo Tao Group
industry | | Group
| Company, Ltd.
| | Tangshan Ceramics |
Tangshan Ceramics Group
| | Group
| Company, Ltd.
| | Guangxi Gui Tang
| Guangxi Gui Tang Group
| | Group
| Company, Ltd.
______________|________|_______________________|______________________________
Textiles | 3 | China Shen Ma
| China Shen Ma Group Limited
| | Group
| Liability Company
| | Inner Mongolia Erduos| Inner Mongolia
Erduos
| | Cashmere Group | Cashmere
Group Company
| | Xinjiang Textile
| Xinjiang Textile Industrial
| | Industrial Group
| (Group) Corporation
______________|________|_______________________|______________________________
Pharmaceutics | 2 | Harbin Pharmaceutics | Harbin Pharmaceutics Group
| | Group
| Corporation
| | 999 Enterprise Group | Nanfang
Pharmaceutics
| | | Company
______________|________|_______________________|______________________________
Traditional | 1 | Tong Ren Tang Group, | Tong Ren Tang Group
Chinese | | Beijing China
| Corporation, Beijing China
medicine & | |
|
pharmacology | |
|
______________|________|_______________________|______________________________
Railway | 1 | Guangzhou Railway | Guangzhou
Railway(Group)
______________|________|_______________________|______________________________
| |
|
Communications| 2 | China Ocean Shipping | China Ocean Shipping(Group)
| | Group
| Corporation
| | Construction Group | (Group)
Corporation
______________|________|_______________________|______________________________
Construction | 3 | China Construction | China Construction
| | Shanghai Construction| Shanghai Construction
| | Industry Group | Industry(Group)
Corporation
| | Beijing Urban |
Beijing Urban Construction
| | Construction Group | Group
Corporation
______________|________|_______________________|______________________________
| |
|
Building | 1 | Anhui Hairuo Group | Anhui
Hairuo Group Limited
materials | | | Liability
Corporation
______________|________|_______________________|______________________________
Domestic trade| 6 | Huaxing Products | Huaxing Products Group
circulation | | Group
| Company, Ltd.
| | China Light |
China Light Industrial
| | Industrial Products | Materials
Supply &
| | Group
| Marketing Corporation
| | China Cereals,
| China Cereals, Foodgrains
| | Foodgrains & Oils
| & Oils Group Corporation
| | Group |
| | Zhejiang Products |
Zhejiang Provincial Products
| | Group
| Group Corporation
| | Shanghai Hualian
| Shanghai Hualian(Group)
| | Group
| Company, Ltd.
| | Luoyang Chundu
| Luoyang Chundu Group
| | Group
| Company, Ltd.
______________|________|_______________________|__________________________
Foreign trade | 6 | China Cereals Group | China National Cereals, Oils
| | | &
Foodstuffs Import & Export
| | |
Corporation
| | China Technology
| China National Technology
| | Group
| Import & Export Corporation
| | China Foreign Trade | China National
Foreign Trade
| | Transportation Group| Transportation
Corporation
| | | Import
& Export Corporation
| | China Arts & Crafts |
China National Arts & Crafts
| | Import-Export Group | Import
& Export Corporation
| | International Group | International(Group)
| | |
Company, Ltd.
______________|________|_______________________|__________________________
Others | 4 | National Investment | National Development
| | Group
| Investment Corporation
| | Shenchen Special
| Shenchen Special Economic
| | Economic Zone
| Zone Development(Group)
| | Development Group |
Corporation
| | Changjiang Joint
| Changjiang(Yangtze) Joint
| | Economic Development| Economic
Development Group
| | Group
| Company, Ltd.
| | Xinjiang Construction|
______________|________|_______________________|__________________________
Rural & | 3 | Wanxiang Group
| Wanxiang Group Corporation
township | | Wanjie Group
| Wanjie Group Corporation
enterprises | | Hongdou Group |
Hongdou Group Corporation
______________|________|_______________________|__________________________
Total | 63 |
|
______________|________|_______________________|__________________________
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