Mar. 1, 2010 (China Knowledge) - The State Council has approved the establishment of a new asset management firm in a bid to supervise the privatization of state-owned enterprises, the Economic Observer reported today.

According to the report, the newly-inaugurated asset management firm is expected to help China's state-owned enterprises expedite restructuring and consolidation.

The new firm will be the third state-owned asset operation platform after the State Development & Investment Corp and China Chengtong Group.