China has launched a new asset management company that will be tasked to restructure and merge smaller, non-competitive state-owned enterprises, state media reported. According to a statement from the state-owned Assets Supervision and Administration Commission (Sasac), the new enterprise will be named China Reform Holdings Corp (CRHC) and will focus on "reorganizing small-sized SOEs which do not affect national security and are not crucial to the national economy." Former Baosteel chairman Xie Qihua was appointed chairman of the CRHC and the company will have an initial registered capital of US$681 million. Sasac was quick to point out that the CRHC is an asset manager only and not an investment group.
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