By South China Morning Post | Created at 2024-12-20 11:41:43 | Updated at 2024-12-20 17:35:11
6 hours ago
China has formed its first state-owned enterprise specialising in data integration and technology, signalling the pivotal role of digitalisation amid the nation’s economic transformation.
The centrally managed firm – an entity under the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) – has a registered capital of 10 billion yuan (US$1.37 billion) and aims to build a huge platform for data sharing among highways, railways, waterways, aviation and ports.
Its unveiling came on Thursday, and some of the strategic shareholders include China Poly Group, China Railway Materials, TravelSky Technology and Shanghai Data Group.
“The new company will deepen the work of developing and using data, lower the cost of logistics, and create a more competitive and innovative servicing ecosystem,” said Zhang Yuzhuo, SASAC chairman, at the ceremony in Shanghai, according to state media.
China has been boosting its digital economy and platform companies, and the integration of digital advancements into the real economy is expected to foster new growth drivers.
Since 2019, the SASAC has been reforming state-owned enterprises by ramping up their technological innovation and bolstering their economic contributions.
