China plans to cut number of big state firms to 40: state media

April 27, 2015 4:17 AM

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BEIJING (Reuters) - China will likely cut the number of its central government-owned conglomerates to 40 through massive mergers, as Beijing pushes forward a sweeping plan to overhaul the country's underperforming state sector, state media reported on Monday.

The consolidation will first take place in commercial sectors, especially in competitive industries, said the official newspaper Economic Information Daily, quoting an anonymous authority.

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