Bright future for China Electrical Equipment Group
Shanghai Party Secretary Li Qiang (left) unveils the banner of the newly-established China Electrical Equipment Group Co Ltd with Hao Peng, director of the State-owned Assets Supervision and Administration of the State Council, on Saturday in Shanghai.
The China Electrical Equipment Group Co Ltd was established in Shanghai on Saturday as an important step to accelerate the growth of China's advanced manufacturing with the goal to be first-class in the world.
As a centrally-administered, state-owned company, the group is based on the restructuring of leading electric equipment companies including China XD Group Co Ltd, XJ Group Corp, Pinggao Group Co Ltd and Shandong Electric Engineering & Equipment Group Co Ltd. It will produce equipment related to electric transmission, transformation and distribution.
Hao Peng, director of the State-owned Assets Supervision and Administration of the State Council, said the new group is expected to focus on technological innovation, and aims to become a world-leading firm.
"It is to push forward the establishment of a better ecosystem in the industry," Hao said at the launch ceremony. "The move is expected to deepen reforms in China's electric industry and optimize the structure of state-owned assets."
Making Shanghai its home can provide a big stage for the new group, said Shanghai Mayor Gong Zheng.
"Shanghai will facilitate the group to quickly integrate into the city's growth, well serve the country and finally become a global firm," Gong said. "It will also offer great opportunities of high-quality development for the city."
The new group signed a strategic agreement of cooperation with the Shanghai government on Saturday in areas of clean energy and carbon reduction.
