China's Shougang Group has announced that it signed an agreement January 8 in Shanghai with China Shipping Group on the establishment of a shipping company in joint venture. This falls on the third time for both parties to tie up with each other since October 2006 when they signed a framework agreement for strategic cooperation. At the same time, this is an important event in that both parties intend to jointly cope with current severe economic turbulence, to respond to the government's policy to encourage consolidation of state-owned upstream and downstream companies, and to firmly maintain sound growth with confidence.
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