DJ China Approves New State Asset Management Company - Report

SHANGHAI (Dow Jones)--China's State Council, the Cabinet, has approved the formation of an asset management company to oversee privatization of state-owned companies, the Economic Observer reported in its Monday edition, citing an unnamed source.

The company, whose name is translated as "National New Asset Management Company," will also expedite consolidation of China's state-owned companies, the newspaper said.

The new asset management company will become Beijing's third vehicle to manage the country's vast state assets after State Development & Investment Corp. and China Chengtong Group, the newspaper said.

   Newspaper Web site: http://www.eeo.com.cn

   -By China Bureau, Dow Jones Newswires; 8621 6120-1200; djnews.shanghai@dowjones.com

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(END) Dow Jones Newswires

February 28, 2010 06:46 ET (11:46 GMT)

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