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Business deals

China greenlights chemical megamerger to create $150bn giant

Sinochem and ChemChina on US investment ban list

The merger of Sinochem and ChemChina comes as China intensifies its emphasis on state-run enterprises under the leadership of President Xi Jinping.   © Reuters

BEIJING -- China has approved the merger of top chemical makers Sinochem Group and ChemChina, creating the world's largest player by far with combined sales exceeding 1 trillion yuan ($152 billion), as Beijing fosters their further growth amid rising tensions with the U.S.

The integration was authorized by the State-owned Assets Supervision and Administration Commission. The two state-owned businesses will go under a new holding company to be wholly owned by the commission.

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