It is reported that China's Ministry of Industry and Information Technology (MIIT) has submitted a merger and acquisition (M&A) scheme to the country's State Council, aiming to restructure large enterprises in ten industries.
The ten industries include automobile, iron and steel, textile, equipment manufacturing, shipbuilding, electronic information, petrochemical, light industry, nonferrous metals and building materials.
It is said that the MIIT will provide support in terms of finance, taxation and resource allocation for the restructuring of the enterprises.