According to an announcement published on the website of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), a conference on advancing the specialized integration of central state-owned enterprises was held on November 21, during which key project signing ceremonies also took place.
SASAC noted that over the past year, central SOEs have attached great importance to professional integration. Focusing on serving national strategies, driving technological innovation, and promoting high-quality development, enterprises have continued to adjust and optimise. A series of integration efforts have further improved industrial layout, enhanced resource allocation efficiency, and strengthened core competitiveness.
SASAC emphasised that central SOEs must plan proactively and reinforce group-level strategic guidance; avoid internal competition and optimise resource allocation across industries; improve capabilities in integrating strategic emerging sectors; prioritise synergy and build integrated competitive advantages; and coordinate efforts to form strong working momentum.
A total of eight groups comprising 17 entities signed key projects in two batches, covering strategic areas such as new materials, artificial intelligence, cruise operations, inspection and testing, and air logistics.
The 17 participating entities included:
Zhongguancun Robotics Company, China National Machinery Industry Corporation (Sinomach), Government of Uxin Banner (Inner Mongolia), Dongfang Electric, Sinopec, China FAW Group, DJI Innovations, China Reform Holdings, China Automotive Technology & Research Center (CATARC), National Green Development Fund, China South-to-North Water Diversion Corporation, Ansteel, Aluminum Corporation of China Limited (Chinalco), China Southern Airlines Group, China Merchants Group, COSCO Shipping, and China Tourism Group.
The participants represented local governments, central SOEs, private enterprises, and industrial technology clusters.
During the conference, six central SOEs—including Aviation Industry Corporation of China (AVIC), Sinopec, China FAW Group, China Minmetals, China Resources Group, and China National Building Material Group—gave thematic presentations. Officials from SASAC departments, central SOEs, local governments, and private enterprises attended the meeting.
China Tourism Group Leads the Formation of a New Central SOE Cruise Operator — Fleet Now the Largest in Asia
According to China Central Television (CCTV), among the signed projects, China Tourism Group (CTG) will take the lead in establishing a new central SOE cruise operation platform. Following this round of professional integration, the platform’s fleet size is now the largest in Asia.
Li Ming, General Manager of China Tourism Group’s subsidiary China Tourism Cruise (Huaxia Cruises), highlighted the powerful spillover effects of the cruise sector:
“The cruise industry has an industrial multiplier of 1:10 to 1:14 — for every 1 yuan of revenue generated, it drives 10 to 14 yuan of additional output across upstream and downstream sectors.”
SASAC officials stressed that professional integration must align with future industry and technological trends, adhere to long-term principles, and firmly avoid short-term expansion, unrelated diversification, or disorderly growth. Integration efforts must prioritise “high-end positioning”, advance consolidation of overlapping businesses, eliminate low-level redundant construction, and enhance overall efficiency.
SASAC Vice Chairman Li Zhen urged central SOEs to deepen their core businesses, improve resource allocation efficiency, and accelerate integration in strategic emerging industries. He called for efforts to consolidate resources along industrial value chains, fill gaps in key capabilities, and push central SOEs toward high-quality development.
About China Tourism Group
China Tourism Group (CTG), also known as Hong Kong China Travel Service Group, is a key central SOE directly managed by SASAC and one of the central enterprises headquartered in Hong Kong. Its origins trace back to August 15, 1923, with the establishment of the travel department of the Shanghai Commercial & Savings Bank.
Over the past century, CTG has built a comprehensive industry portfolio covering:
travel services, scenic attractions, hotels, duty-free retail, tourism transport, visa services, cruises, real estate, cultural and creative industries, and Hong Kong integrated businesses.
CTG’s brands include China Travel Service (CTS), China International Travel Service (CITS), China Travel Group (CTG), and China Duty Free Group (CDFG). It is China’s only central SOE with tourism as its core business, and one of the country’s oldest, largest, and most influential tourism enterprises.
As of end-2024, CTG employed over 42,000 staff, held more than 200 billion yuan in total assets, and welcomed over 80 million visitors annually.
As previously reported by Xinde Marine News, China Tourism Group, COSCO Shipping Group, China Merchants Group, Jinjiang International Group, Shanghai Jiushi Group, and Wusongkou Cultural Tourism Investment Group had jointly established Huaxia International Cruise Co., Ltd. in Shanghai.
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