June 29, 2017 / 4:55 AM / 5 months ago

China's Sinomach to merge with China Hi-Tech Group - state asset regulator

SHANGHAI, June 29 (Reuters) - The China National Machinery Industry Corp (Sinomach) will merge with The China High-Tech Group, the country’s state asset regulator said on Thursday, part of China’s ongoing efforts to slim down its bloated state sector.

China’s cabinet had already approved the merger plan, which will make China High-Tech a subsidiary of Sinomach, the State Asset Supervision and Administration Commission (SASAC) said in a notice. Sinomach makes construction and agriculture equipment, while China High-Tech is a textile machinery manufacturer.

The move reduces the number of enterprises under the direct administration of the central government to 101, down from 117 since 2012. (Reporting by David Stanway; Editing by Richard Pullin)

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