China Launches 98th Central SOE: China Resources Recycling Group with RMB 30 Billion Investment

The National Development and Reform Commission recently held a special press conference, at which Zhao Chenxin, member of the Party leadership group and deputy director, stated that they would fully support the establishment of the China Resources Recycling Group and promote the creation of a nationwide resource recycling platform. According to the official website of the State-owned Assets Supervision and Administration Commission, China currently has 97 centrally-administered state-owned enterprises (SOEs), and the China Resources Recycling Group will become the 98th. Market news indicates that the headquarters of this new SOE will be located in the Sino-Singapore Tianjin Eco-City and is scheduled to be officially launched in the near future.

This new SOE is jointly funded by multiple centrally-administered SOEs, including China Petroleum and Chemical Corporation, China Baowu Steel Group Corporation Limited, Aluminum Corporation of China Limited, China Minmetals Corporation, China National Building Materials Group, and China Resources (Holdings) Company Limited, with each contributing RMB 3 billion, expected to reach a total investment of RMB 30 billion.