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China's cotton reserves company merges into Sinograin
30
Nov '16
The China National Cotton Reserves Corporation (CNCRC) will become a wholly-owned subsidiary of China Grain Reserves Corporation (Sinograin), the state-owned Assets Supervision and Administration Commission (SASAC) has announced. CNCRC is a state-owned company which purchases cotton as a reserve stock, and later sells in market at pre-announced prices.

“CNCRC will no longer be under the direct supervision of SASAC,” the statement from SASAC said. The merger is part of the reorganisation of state-owned companies in a bid to reduce costs, raise efficiency and make them more competitive. (RKS)

Fibre2Fashion News Desk – China


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