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Yuan Jiajun: Implementation of “Phoenix Action” to Speed up Transformation and Upgrading
2017-10-12 06:39:30

On October 9, a provincial teleconference was held to promote the work of corporate listings, mergers and acquisitions. Deputy Secretary of the CPC Provincial Committee and Governor of Zhejiang Province Yuan Jiajun stressed that to promote enterprises’ listings, mergers and acquisitions, the provincial government needs to thoroughly implement instructions given by General Secretary Xi Jinping in his “July 26 speech” and important initiatives of the 14th Provincial Party Congress, so as to deepen the supply-side structural reform, accelerate the transformation and upgrading of the economy, increase the number of listed companies of all sizes, and strive to achieve the “Nirvana” of Zhejiang industry and the “two high levels” goal. Zhu Congjiu presided over the meeting.

Yuan Jiajun fully affirmed the obvious results that companies in Zhejiang have yielded through IPO and M&A. He noted that Zhejiang has hit a record high in terms of the number of newly listed companies and has remained China’s front-runner in terms of the number of SPO and M&A for restructuring, given that Zhejiang Provincial People’s Government, respective municipal governments and county governments have collaborated since the beginning of 2017 to advance IPO and M&A for restructuring. Yuan also said that the Phoenix Action Plan, which aims to advance IPO and M&A for restructuring, has its roots in General Secretary Xi’s philosophy of “emptying the cage for the new birds and Phoenix Nirvana”. In essence it is an action plan of laying institutional, capital and market foundations to cultivate long-lived industry giants. It is an action plan of empowering companies to go public so as to redouble the number of listed companies in Zhejiang. With listed companies as market players and M&A for restructuring as tools, the goal of the action plan is to comprehensively rationalize all industries and sectors in Zhejiang to establish an industrial system spearheaded by listed companies toward more powerful industry chain, elevated value chain and increased competitiveness.      

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