China's centrally-administered State-owned enterprises (SOEs) have shrunk by one to 126, China's State property regulator, the State-owned Assets Supervision and Administration Commission (SASAC) said in a statement Monday.
With approval from the State Council, Shanghai Institute of Pharmaceutical Industry became a subsidiary of Sinopharm, China's largest drug distributor.
The SASAC was aiming to reduce the number of centrally-administered SOEs to between 80 and 100 by 2010 through mergers and restructuring. It had 196 centrally-administrated SOEs under its supervision when it was set up in 2003.
