The China Electrical Equipment Group Co Ltd was established in Shanghai on Saturday as a milestone to accelerate the growth of advanced manufacturing in China with the aim of being first-class in the world.
As a centrally administered state-owned enterprise, the group is based on the restructuring of large electrical equipment enterprises, including China XD Group Co Ltd, XJ Group Corp, Pinggao Group Co Ltd and Shandong Electric Engineering & Equipment Group Co Ltd. . produce equipment related to the transmission, transformation and distribution of electricity.
Hao Peng, director of public assets supervision and administration of the State Council, said the new group should focus on technological innovation and aim to become a world-class enterprise.
“It’s about advancing the building of a better ecosystem in the industry,” Hao said at the launch event. “The move is expected to deepen reforms in China’s power industry and optimize the structure of state assets.”
Making Shanghai its home can provide a great stage for the new group, Shanghai Mayor Gong Zheng said.
“Shanghai will help the group quickly integrate into the city’s growth, serve the country well, and finally become a global enterprise,” Gong said. “It will also offer great quality development opportunities for the city.”
The new group on Saturday signed a strategic cooperation agreement with the Shanghai government in the fields of clean energy and carbon reduction.