10 SOEs partner with Shanghai government

A strategic cooperation framework agreement was signed Thursday between 10 State-owned enterprises and the Shanghai municipal government during a ceremony, which saw a handful of major projects inked and several science and technology innovative institutes unveiled, an official source said.

The State-owned Assets Supervision and Administration Commission of the State Council on behalf of the State-owned enterprises, and the municipal government of Shanghai announced they will deepen their collaboration in advancing national strategies and local government tasks.

The climate is mature for furthering the opening-up of Shanghai, said Li Qiang, the Party chief of Shanghai, citing the expansion of the China (Shanghai) Pilot Free Trade Zone to the Lingang New Area, the establishment of the science and technology innovation board, the integration of the Yangtze River Delta region, as well as the China International Import Expo (CIIE).

China Communications Construction and China Resources are going to put more of their industrial resources into the integrated development of the Yangtze River Delta region, while Sinochem Group and ChemChina expressed their interest in exploring opportunities from the expansion of the China (Shanghai) Pilot Free Trade Zone. China Baowu Steel Group, China COSCO Shipping and China Resources will support the listing of their innovation-oriented arms on the newly launched STAR Market, or science and technology innovation board.

Since launching the strategic collaboration with the State-owned Assets Supervision and Administration Commission (SASAC) in August 2017, Shanghai has attracted 22 State-owned enterprises and financial institutions to sign 20 cooperative agreements in sectors including intelligent manufacturing, new energy, marine engineering equipment and biomedical.

Liu Qitao, chairman of China Communications Construction Co Ltd, one of the country's largest infrastructure project builders, said the group is about to make Shanghai its global headquarters along with the existing headquarters in Beijing.