China announced the launch of a new state-owned company - China Logistics Group (CLG) - state broadcaster CCTV reported on Monday, to strengthen domestic and global supply chains.
CLG has been formed through a merger of China Railway Materials, China National Materials Storage and Transportation Group, Huamao International Freight Limited Company Shenzhen Branch, China Logistics, and China National Packaging Corporation, CCTV said in its report.
The newly-formed CLG will also include the parent firms of China Eastern Airlines, COSCO Shipping, and China Merchants Group as strategic investors.
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