Caixin
Dec 07, 2021 04:14 AM
BUSINESS

China Creates New State-Owned Logistics Giant

The new logistics operator owns 120 railway lines for exclusive use, with routes connecting Asia and Europe.
The new logistics operator owns 120 railway lines for exclusive use, with routes connecting Asia and Europe.

A new logistics behemoth in China combining five state-owned companies was launched Monday in a push by the central government to consolidate state assets.

China Logistics Group, with registered capital of 30 billion yuan ($4.7 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. Ltd., China Logistics Co. Ltd., and China National Packaging Corp.

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