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SASAC has been actively restructuring SOEs since last year, with the number of central SOEs falling to 98 after a merger between the country's major power generator China Guodian Corporation and coal producer Shenhua Group on Monday, down sharply from the total of 196 in 2003.

SASAC said it will also encourage independent innovation and make breakthroughs in key technologies, as well as promote the transformation and development of the manufacturing industry.

SHENZHEN - China's leading electric vehicle maker BYD has inked an agreement with telecom giant Huawei Technologies to promote comprehensive strategic cooperation.

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Russian prime minister said meeting opened a new chapter for relations

SHANGHAI - China's online travel agency Ctrip reported a 19 percent increase in revenue for the second quarter of this year, beating market expectations.

SHIJIAZHUANG - Pony Ma, founder of Tencent, said Thursday that the digital economy has become a major force in China's economy.

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SOEs will face strict controls in investments from their main business portfolios and in programs that could increase their debt ratios, the meeting said.

SEOUL - The Republic of Korea (ROK) expressed regret Monday over the Democratic People's Republic of Korea (DPRK)'s artillery firing drills in an inter-Korean border island.

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SHENZHEN - China plans to set up internet courts in Beijing and Guangzhou based on the experience of the internet court in Hangzhou, according to a statement from China's Supreme People's Court (SPC) on Wednesday.

SHANGHAI - China's service-focused e-commerce giant Meituan Dianping reported a loss of 1.7 billion yuan (8 million) in operating revenue in the first quarter of this year.