Guoxin Asset Management Co, China's new state-asset management company, officially launched Wednesday, Shanghai Securities News reported—citing sources with the State-owned Assets Supervisory and Administration Commission (SASAC).

Guoxin Asset Management Co, also referred to as "China Investment Corporation (CIC) No.2," is expected to play an important role in the restructuring of state-owned enterprises.

Xie Qihua, former board chairman of Baosteel Group, has been designated as the board chairman for Guoxin, the newspaper reported, and Liu Dongsheng, chairman of the Supervisory Board for Key Large State-Owned Enterprises of SASAC, will be the general manager.

According to previous reports, Guoxin will be primarily financed by a special state-owned asset management budget funded by the dividends of centrally-administered state owned enterprises.

Guoxin becomes the third asset-management company under the SASAC. The other two companies are China Chengtong Group and the State Development and Investment Corporation.

China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.

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