China creates new state-owned logistics giant

China Logistics Group will reinforce China's cross-border logistics business and improve integrated services, an analyst said. PHOTO: REUTERS
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BEIJING (CAIXIN GLOBAL) - A new logistics behemoth in China combining five state-owned companies was launched Monday (Dec 6) in a push by the central government to consolidate state assets.

China Logistics Group, with registered capital of 30 billion yuan (S$6.44 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, China Logistics, and China National Packaging Corp.

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