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Stricter controls likely on SOE investments (3)

By Bao Chang (China Daily)

08:37, March 12, 2013

"Companies developing low-speed wind power machines will benefit from this booming market whose scale will be as much as 20 million kW over the next five years," it said in a statement.

In late January, the mainland's third-largest steel enterprise by output, Wuhan Iron & Steel (Group) Corp, announced a 182 million yuan ($29.21 million) joint-venture with Taiwan-based China Steel Corp to enter the environmental protection industry.

The joint venture will set up a 6.7-hectare production base, producing devices aimed at dealing with chemical pollution in the air.

The Wuhan-based State-run company also reported last year that it has moved into energy, logistics and real estate, which it said would eventually mean that 30 percent of its business revenue would be non-steel.

A surplus is expected to continue in the steel industry this year, according to the National Development and Reform Commission.

"Business diversification should certainly be one of the key strategies for SOEs, but any change in direction must be closely related to their core businesses," said Ye Tan, an economics commentator.

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