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China creates massive state-owned logistics group

Move reflects Beijing's restructuring drive to boost competition in sector

A railway port in Zhejiang Province, China. The country wants to see its logistics and other sectors become more efficient and competitive.   © Reuters

A new logistics giant in China that combines five state-owned companies launched on 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: China National Materials Storage and Transportation; CTS International Logistics; China Logistics; and China National Packaging.

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