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China's stocks surge on state firm merger hopes

2015-04-28 04:54:49| Oil & Gas - Topix.net

China stocks jumped to fresh seven-year highs on Monday, led by heavyweights such as China Petroleum & Chemical Corp and PetroChina Co Ltd on expectations that Beijing will accelerate mergers among state-owned enterprises . China will likely cut the number of its central government-owned conglomerates to 40 through massive mergers, as Beijing looks to overhaul the vast underperforming state sector, state media reported on Monday.

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