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CSRF Phase II established in Wuxi

Department of Publicity     2021-10-07         

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On October 7, China Structural Reform Fund Phase II Co., Ltd. (CSRF Phase II) was established in Wuxi, Jiangsu province. Peng Huagang, Secretary General of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), and Ma Xin, Vice Governor of Jiangsu province addressed the ceremony and officially inaugurated the company. China Chengtong’s Secretary of the CPC Committee and Chairman Zhu Bixin and Party chief of Wuxi city Du Xiaogang participated in the event.

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Peng Huagang underlined the significance of setting up CSRF Phase II and put forward requirements for the company’s further development.

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Ma Xin congratulated on the establishment of CSRF Phase II in Wuxi and expressed Jiangsu’s readiness to provide all necessary support to the company under the professional management of China Chengtong.

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Du Xiaogang also expressed Wuxi’s willingness of cooperation with China Chengtong in enhancing the influence of state-owned enterprises (SOEs) and creating new industrial advantages. Wuxi would also provide preferable business environment to the company.

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In Zhu Bixin’s speech, he noted that China Chengtong will work closely with the shareholders of CSRF Phase II by adhering to the mission orientation, maintaining market-driven operation approach under professional guidance, and strictly abiding by risk control requirements. China Chengtong will make greater contributions to achieving high-quality development through strengthening win-win cooperation between central SOEs and local governments, and making every effort to ensure the smooth start, healthy development and successful operation of the CSRF Phase II, to create greater value for shareholders and local economic development, and deepen the reform of state assets and SOEs.

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In September 2016, with the approval of the State Council and entrusted by the SASAC, China Chengtong jointly initiated with nine other SOEs the 350-billion-yuan China Structural Reform Fund with an initial scale reaching 131 billion yuan, to implement the major strategic deployment of the CPC Central Committee and the State Council to deepen the reform of state assets and SOEs and optimise the layout and structural reform of central SOEs. In the past five years, through equity investment, CSRF has registered positive outcomes in state assets and SOEs structural reform, transformation and upgrading and the strategic emerging industries layout.

In accordance with the overarching plan of the CSRF approved by the State Council and the key tasks of the reform of the capital operating company assigned by SASAC in 2021, China Chengtong would take the lead to build several parallel funds in a market-oriented manner with local governments and central SOEs to build CSRF Phase II that is no less than 100 billion yuan. The first parallel fund of CSRF Phase II registered and established in Wuxi has a registered capital of 73.75 billion yuan. It focuses on important industries, key fields and major special tasks related to national security and the lifeline of the national economy, especially biomedicine, integrated circuits, high-end equipment manufacturing, next-generation information network, artificial intelligence, new materials and new energy vehicles that the Yangtze River Delta enjoys industrial advantages to promote the structural reform, transformation and upgrading of SOEs and contribute to China’s economic innovation and development.

More than 200 guests from the SASAC, the Ministry of Industry and Information Technology, Jiangsu provincial government, the shareholder units of central SOEs, Wuxi municipal Party committee and government, China Chengtong, and related financial units and investment institutions from Wuxi attended the ceremony.

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