OREANDA-NEWS. December 16, 2011. Baosteel Group Corporation and China Merchants Group (hereinafter as China Merchants) inked "Zhaobao Action Plan-Framework Agreement for Overall Strategic Cooperation" in Zhongshan, Guangdong, marking that the cooperation between both parties has entered a new stage. Among other things, 4 cooperation projects involving shipping logistics, finance, park development and engineering, etc. have also been launched officially, reported the press-centre of Baosteel.

President He Wenbo of Baosteel Group Corporation, president Li Jianhong of China Merchants, president Mai Boliang of China International Marine Containers (Group) Ltd. (CIMC), etc. attended the signing ceremony. Secretary to the board of directors and assistant president Wang Li of Baosteel Group Corporation, vice president and chief economist Yu Liming of China Merchants signed the agreement on behalf of both parties respectively. The principals of relevant units of Baosteel and China Merchants attended the signing ceremony.

Founded in 1872, China Merchants is a forerunner of China's national industry and commerce. Headquartered in Hong Kong, China Merchants is now a state-owned large enterprise group stationed in Hong Kong, and one of the 4 major Chinese-invested enterprises in Hong Kong as well. In 2010, the parent company of China Merchants Group stood at No.9 among the central enterprises in terms of net profit. Now China Merchants has gradually formed 3 main businesses: Transportation (Ports and Related Services, Toll Roads, Energy Shipping and Logistics) and relevant infrastructure construction, Financial investment and management (Banking, Securities, Insurance and broking, assets management), park development and real estate operation. China Merchants has extensive influences in domestic and overseas industry and commerce with its long history and powerful strength.

According to the agreement, both parties will give full play to their respective advantages, and further carry out close cooperation in shipping logistics, park and estate development and comprehensive service, industrial manufacture and service, international trade, finance and new energy, low carbon environmental protection, state-of-the-art technologies, mass market and other new business fields.

In his speech, He Wenbo said that Baosteel and China Merchants have established their positions of industrial leaders in respective fields, harboured the mutually approved concepts and pursuits for development, and are engaged in strongly complementary businesses, therefore the space for cooperation is capacious. The establishment of overall strategic partnership will further expand the scope of cooperation between both parties, and deepen the level of cooperation, which is conducive to grow stronger together on a win-win base, and realize the respective strategic targets. He wished that the business teams of both parties can cooperate sincerely and push forward the cooperation projects to achieve actual effect sat an earlier date.

Li Jianhong said, Baosteel is the leader of Chinese steel industry and has many managerial experience worthy of referencing by China Merchants. He wished that, with "Zhaobao Action Plan" as the new starting point, both parties can carry out all-round cooperations in more levels and wider scope, so as to realize the overall win-win development of both parties.