Four major Shandong provincial state-owned enterprises (SOEs) will undergo consolidation to generate new growth momentum for the real economy.

The restructuring plans for Shandong Energy Group and Yankuang Group, as well as Shandong Hi-Speed Group and Qilu Transportation Development Group, were recently released.

The total assets of the new Shandong Energy Group and the new Shandong Hi-Speed Group are expected to reach 637.9 billion yuan ($91.16 billion) and 945.2 billion yuan respectively, while revenues will reach 637.1 billion yuan and 123.7 billion yuan respectively.

According to local officials, the new Shandong Energy Group will continue to develop the three traditional industries of coal, coal power and coal chemical industry.

The company will also develop three emerging industries, namely high-end equipment manufacturing, new energy and new materials and modern logistics trade, in a bid to become a global clean energy supplier and a world-class energy company.

Meanwhile, the new Shandong Hi-Speed Group will strive to develop its core business of transportation infrastructure.

The number of Shandong provincial SOEs will be reduced by more than 30 percent through integration and reorganization, with asset benefits expected to increase by more than 30 percent in three years, said local officials.