China_Poly_Group

China Poly Group

China Poly Group

Chinese state-owned conglomerate

China Poly Group Corporation (Chinese: 中国保利集团公司; pinyin: Zhōngguó Bǎolì Jítuán Gōngsī) is a state owned Chinese business group among 102 central state owned enterprises under the supervision of State-owned Assets Supervision and Administration Commission of the State Council (SASAC).

Quick Facts Trade name, Native name ...

It is both primarily engaged in representing the Chinese defense manufacturing industry in international sales and the world's third largest art auction house (behind Sotheby's and Christie's).[1][2]

History

With the approval of the State Council, China Poly Group Corp. was set up on the basis of Poly Technologies, Inc. in February 1992. Poly Technologies was formed in 1984 as an arms-manufacturing wing of the People's Liberation Army.[3][2]

Procurement actions during the COVID-19 pandemic

Main article: Shortages related to the COVID-19 pandemic

Group entities were active in procurement during the COVID-19 pandemic. Figures from China Customs show that some 2.46 billion pieces of epidemic prevention and control materials had been imported between 24 January and 29 February, including 2.02 billion masks and 25.38 million items of protective clothing valued at 8.2 billion yuan ($1 billion). Press obtained internal documents showing that the group, together with other Chinese companies and state-owned enterprises – such as Country Garden and Greenland Holdings – had an important role in scouring markets in countries around the world to procure essential medical supplies and equipment. The company said its operation was staff-led, and was "driven out of pure compassion for our people who have friends and family in the Wuhan region".[4]

Subsidiaries

References

  1. [1]
    Bowley, Graham and Barboza, David. "An Art Power Rises in China, Posing Issue for Reform" Archived 6 December 2017 at the Wayback Machine, The New York Times, 16 December 2013. Retrieved 5 July 2016.
  2. [2]
    Nunns, Cain (25 February 2013). "China's Poly Group: The most important company you've never heard of". Public Radio International. Archived from the original on 25 August 2021. Retrieved 20 July 2019.
  3. [3]
    Cooper, Sam; Quan, Doug (26 August 2017). "How a murky company with ties to the People's Liberation Army set up shop in B.C." The Vancouver Sun. Archived from the original on 20 July 2019. Retrieved 20 July 2019.
  4. [4]
    Millar, Kate McClymont, Royce (2 April 2020). "Billions of face masks sent to China during bushfire crisis". The Sydney Morning Herald. Archived from the original on 18 April 2020. Retrieved 3 April 2020.{{cite web}}: CS1 maint: multiple names: authors list (link)
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