(Yicai Global) Sept. 22 -- China's state-owned conglomerate China Merchants Group Ltd., headquartered in Hong Kong, has struck a strategic cooperation deal with Shanghai municipal government, building on an existing agreement centered around construction along the route of the Belt and Road Initiative, the Yangtze River economic belt, pilot free trade zones and innovation centers, the company said in a press briefing on Sept. 20.
China Merchants Group will set up business units at its eastern China headquarters in Shanghai to integrate port resources and develop its modern logistics industry and intelligent transport and cruise operations.
The pair will also cooperate further in finance and investment to help Shanghai firms expand overseas and aid the development and innovation of industry in the city. China Merchants Group will also contribute to the reform of local state-owned enterprises in Shanghai.
China Merchants Group, founded in Shanghai in 1872, has 15 subsidiaries based in the city and total assets worth nearly CNY1.2 trillion (USD182 billion). Its main business covers shipping, ports, integrated logistics, finance, industrial parks and real estate development.