The State Assets Supervision and Administration Commission (SASAC), the government body which manages and directs China's State-owned enterprises, allocated one billion yuan to help with the reorganization of Sinotrans, the country's State-owned shipping giant, the China Business News reported yesterday, citing an unnamed source.
In its current form, Sinotrans is the product of a merger between the China National Foreign Trade Transportation Corporation ("Sinotrans") and the China Changjiang National Shipping Corporation in March.
A Sinotrans insider told the paper that the regrouped company will be positioned as a comprehensive logistics company offering shipping, logistics and shipbuilding services.
(Chinadaily.com.cn August 13, 2009)
