China Creates New State-Owned Logistics Giant

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.