BEIJING, July 29 (Xinhua) -- China's state-owned assets regulator on Tuesday announced the inauguration of China Changan Automobile Group Co., Ltd. as a centrally administered state-owned enterprise (SOE).

The move brings the total number of Chinese central SOEs to 100, and positions the company as the country's third central SOE in the automotive sector, joining FAW Group and Dongfeng Motor.

The company has 117 subsidiaries, with businesses spanning automobiles and auto components, motorcycles, and financial and logistics services.

It will focus on cultivating new quality productive forces such as intelligent vehicle robots and embodied AI. It is also expected to accelerate a global expansion, targeting markets such as Southeast Asia, the Middle East, Europe, and Central and South America.

Industry observers view the move as a significant step in China's broader efforts to reform central SOEs and allocate state capital in an improved manner, while also strengthening the global competitiveness of the country's auto sector.