China's biggest research-oriented electronic group was kicked off in Beijing Friday.
China Electronic Technology Group Corp (CETC), which combines 46 state research institutes and 26 high-tech companies, will become the flagship of the backbone electronic technology industry, said Wu Jichuan, minister of information industry.
The group has total assets of 15.8 billion yuan (US$1.9 billion) and a registered capital of 6.35 billion yuan (US$765 million). Over 60 percent of its 50,000 staff are science and technology researchers, according to the minister.
Lu Xinkui, former vice-minister of information industry, was named president of the electronic giant.
CETC's member institutes and companies are located in 18 provinces and municipalities, including Beijing, Shanghai, Guangdong and Sichuan.
Its business will cover the full range of the electronic information industry, especially the most critical fields such as semiconductors and new electronic components.
Lu said CETC will reorganize its research power and become a strong player in the electronic sector as quickly as possible.
The birth of CETC is part of the government's "conglomerate strategy," which encourages merging scattered companies.
In the annual plan of the Ministry of Information Industry, one of the major working targets is to foster the formation of a group of "big and powerful" electronic companies that have considerable market share, strong innovation capabilities and an influence in the industry.
(China Daily March 2, 2002)
