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On May 8, 2021, China's two large state-owned enterprises (SOE), Sinochem Group and China National Chemical Corporation, merged to form Sinochem Holdings. The merger is part of the CCP’s new blueprint for China’s economy after Beijing wraps up a 3-year SOE reform. Sources say it may be the new economic blueprint Xi Jinping has planned for China after the 20th Party Congress. It is also part of China’s Communist Party's plan to achieve dominance in the ongoing Sino US competition.
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