Guangzhou will consolidate 130 local State-owned enterprises (SOEs) into 40 amid an effort to roll out an SOE reform program, Guangzhou-based Nandu Daily reported Tuesday.

The reform will be completed within three years, when 80 percent of State-owned assets in Guangzhou will be integrated into 20 large enterprises, according to the report.

By the end of August 2013, the total State-owned assets reached 1.53 trillion yuan ($251 billion), the report said citing the State assets authorities of Guangzhou.

Guangzhou is the second major city after Shanghai to work out guidelines for SOE reform.

Global Times