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China taps six state-owned firms for reforms

[July 15, 2014]  SHANGHAI (Reuters) - A Chinese government agency overseeing state-owned firms on Tuesday identified six of them that will be part of a reform process aimed at giving private capital a bigger role in China's massive state sector.

The six named companies are China National Building Materials Group; China National Pharmaceutical Group Corporation (Sinopharm); State Development & Investment Corp; China National Cereals, Oils and Foodstuffs Corp (COFCO); China Energy Conservation and Environmental Protection Group; and Xinxing Cathay International Group.

Some big state-owned enterprises (SOE) have listed subsidiaries, but the role of private capital in the groups that control the bulk of economic activity has been small.

Tuesday's move is the latest by Beijing, which is carrying out its biggest overhaul of the bloated and debt-laden state-owned sector since the late 1990s.

(Reporting by Brenda Goh, Clare Jim and Yimou Lee; Editing by Richard Borsuk)

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