Shanghai (ZXZC)- On December 21, FAW Group announced that it has changed its name from China FAW Group Corporation to China FAW Group Co. Ltd. and according to the company, the English abbreviation of its name remains to be FAW.

The State-owned Assets Supervision and Administration Commission of the State Council has approved this reforming plan on the company’s system and FAW managed to change the industrial and commercial registration information on December 14.

Ever since Xu Liuping became the chairman and secretary of the party committee of FAW, he has carried out many reforming measures. In September, FAW announced that its restructured technology center would put greater weight on R&D ability. After the reorganization, the company has four institutes, namely the R&D institute, designing institute, new energy institute, intelligence and connectivity institute.

Apart from the changes in company structure, there are also some personnel changes in the company. Many talents from FAW-VW, FAW-Toyota, FAW-Mazda have been transferred into the headquarter. Recently, the company announced that four board members have left and another four executives have been elected as new members.

Coincidentally, on the last day of November, Dongfeng Motor Corporation also changed its name. Analysts said that the sluggish and complicated system in state-owned companies impedes their ability to establish advantages in competitive industries, especially in auto industry. The changes in name and company system will help FAW and Dongfeng to give rapid response to the market competition.