China Has Rid Its Military of 100,000 For-Profit Ventures Ranging From Catering to Agriculture to Hotels
Much-needed reform started in 2016 is just about done
China Rongtong Group, overseen by the State Council’s State-owned Assets Supervision and Administration Commission (SASAC), will manage military assets in agriculture, real estate, hotel and other profit-making sectors, sources said. Senior managers of the new company have been appointed.
Wen and Ma left their previous positions in January and February for “job transfer,” according to announcements from their former employers.