The Ministry of Industry and Information Technology recently issued the "Notice on Further Strengthening the Merger and Reorganization of Enterprises" and asked the industrial authorities of various localities to coordinate the forces involved in research and resolution in order to solve the problems encountered in the merger and reorganization of enterprises and to accelerate the process of mergers and acquisitions. The petrochemical industry as a key area for the merger and reorganization of industrial enterprises has indeed encountered institutional and policy issues in the specific practice. The Ministry of Industry and Information Technology has issued timely policies to intervene and guide and will play a catalytic role in the merger and reorganization of the petrochemical industry.
The notice requires that local industrial authorities should carefully clean up and repeal various regulations and practices that are detrimental to the merger and reorganization of enterprises. In particular, they must resolutely abolish the regulations that local companies have imposed on themselves to restrict the implementation of mergers and acquisitions by local enterprises.
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