China Forms $32 Billion Energy Company to Help Clean Up Beijing

China’s government said it merged Beijing Energy Investment Holding Co. and Jingmei Group into a new 200 billion yuan ($32 billion) business in line with its policy to improve efficiency in the energy industry and reduce pollution.

The merger of Beijing Energy and Jingmei, a coal supplier based in the capital, will improve electricity supply, Lin Fusheng, head of Beijing’s Assets Supervision and Administration Commission, said in a report by the official Xinhua News Agency today.