(Yicai Global) Oct. 11 -- Zhejiang is exploiting mergers and acquisitions to promote economic transformation and upgrading, and M&As and restructuring by listed companies will become a key driver for the province to bring its economy to a new development phase, the 21st Century Business Herald quoted Zhu Congjiu, deputy governor of Zhejiang province, as saying at the 2017 inaugural global M&As Baishaquan summit yesterday.

Zhejiang ranks number one in China in terms of cross-border M&As and restructuring, per latest statistics. Now is a good time to conduct M&As, and Zhejiang has been preparing for a long time, Zhu said. The province has helped market entities upgrade in the past five to six years, and listed companies have become leading market players, he added.

Listed companies based in Zhejiang should guard against and control risks to improve their success rates in M&As, given that they have just started to undertaken such projects, which are usually risky and complicated, Zhu stressed.

Agreements were also signed on a number of M&A industry funds including China Construction Bank Corp. [SHA:601939;HK:0939] , Baishaquan CNY10 billion fund, Baishaquan industry M&A CNY10 fund, Zheyin Zhaoxin 'One Belt, One Road' fund and Zhejiang big health industry fund yesterday, the report said.