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COFCO Signs Strategic Cooperation Agreement with Sinograin and Chinatex Release Time : 2016-03-22

On March 18, three grain enterprises -- COFCO, Sinograin and Chinatex – gathered together to officially sign a strategic cooperation agreement. As major players in China’s grain industry, the three parties will team up to complement each other’s business and achieve win-win results through concerted efforts.
 
The three parties will adhere to three major principles of mutual respect, mutual benefit and integration effect, bring their respective advantages in terms of resource and channel into full play, and establish an extensive and long-term comprehensive strategic cooperative partnership through business cooperation and investment. They will step up cooperation in key areas such as purchase, storage and preservation of China’s policy-based grain as well as inventory reduction, import and export of grain and oil, oilseeds processing, warehousing and logistics. Meanwhile, proactive efforts will be made to explore how to straighten out property right relations and cultivate talents of various levels for exchange so as to achieve better development for enterprises and make greater contribution to ensuring national grain security. 
 
As China’s economic growth enters the phase of “New Normal”, the Central Economic Work Conference has proposed that great efforts should be made to tackle five major tasks --“cutting excessive industrial capacity, destocking, de-leveraging, lowering corporate costs and improving weak links”. No.1 Central Document for 2016 has also explicitly put forward a proposal to “implement new concepts of development and accelerate the modernization of agriculture”. Since COFCO, Sinograin and Chinatex are shouldered with the major task of purchasing and storing grain for China, they have acted according to national plan and played a crucial role in promoting grain sale, invigorating processing activity, stimulate commodity circulation, and stabilizing the market. The three enterprises occupy a pivotal position in terms of total volume of traded grain. The total volume of purchased corn exceeds 50% of domestic circulation volume and the import volume of soy beans accounts for over 30% of the total volume of import to China. As a medium to guarantee national grain security and carry out macro-economic control policies, the three enterprises place different emphasis on their major businesses. Sinograin’s advantage lies in its policy-driven operation while the advantages of COFCO and Chinatex are market-driven operation and processing links. Through this cooperation, the three enterprises will share the responsibility of facilitating the stability of national grain market, the security of national grain, and the implementation of macro-economic control policies, complement each other in terms of function and region, and build synergy among central enterprises so as to further play their leading role as central SOEs.
 
Before signing the agreement, COFCO Secretary of the Leading Party Members’ Group & Chairman Zhao Shuanglian met with Sinograin member of the Leading Party Members’ Group & General Manager Lv Jun and Chinatex Secretary of Party Committee & Chairman Zhao Boya to hold in-depth discussion and exchange over the “New Normal” of domestic economy, development trends of agricultural and grain sectors, targets and tasks of central enterprises to stabilize growth, deepening reform and development of SOE, and the supply-side reform of agriculture. COFCO member of the Leading Party Members’ Group & Vice President Chi Jingtao, Sinograin member of the Leading Party Members’ Group & Deputy General Manager Xu Baoyi, and Chinatex Deputy Secretary of Party Committee & President Luan Richeng signed the cooperation framework agreement on behalf of their respective companies.
 
COFCO President Yu Xubo, disciplinary inspection team leader Liu Ding, Vice President Wu Xiaohui, member of the Leading Party Members’ Group Gu Shen, Vice President Chi Jingtao, General Accountant Ma Wangjun, and Vice President Zhou Zheng attended the signing ceremony.

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