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The Shanghai municipal governmentis planning to re-organize its state-owned commercial companies into one large commercial organization in an effort to enhance the city's role as the country's leading commercial and financial hub and meet the challenges of increasing competition from foreign companies.
The group is set to include the city's leading state-owned players, such as the Shanghai No. 1 Department Store and the Shanghai Hualian Group, and several aquatic, vegetable and foodstuff groups, reported Tuesday the China Daily.
Ownership of the "super group" will be placed under the direction of a special management agency that is to be established in Shanghai.
The reshuffle is expected to involve 43.8 billion yuan (5.3 billion US dollars) of assets, which are now possessed by the ninemajor commercial groups owned by the municipal government, said the paper.
(Xinhua News Agency March 18, 2003)
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