COFCO Working to Build "Win-win" Platform for Chinese Wheat Trade

COFCO hosted the "Conference on the Imported Wheat Market" in Guangzhou on May 30, 2005. Over 100 representatives of nearly 30 large flour processing and grain trading enterprises from Guangdong and Henan enthusiastically discussed the building of a platform for purchasing and distributing wheat in China.

Yang Hong, general manager of the COFCO Wheat Division, stated that, as the sole state-owned wheat trader in China, COFCO plans to strengthen cooperation with local grain storage companies, grain trading companies and flour enterprises to develop a harmonious and orderly sales environment for the imported wheat market in China to create a "win-win" situation in wheat trading.

Leaders of concerned departments of the National Development and Reform Commission and officials representing a number of grain distribution enterprises spoke on topics such as the government's macroeconomic wheat import policy, supply and demand, the way imported wheat enters the market and is traded and the distribution of imported wheat. In addition, the speakers directly interacted with members of the audience.

Yu Xubo, COFCO vice-president, and representatives of wheat export organizations of major exporting countries with offices in China, including Cargill (Hong Kong), the Australian Wheat Board (AWB), France Export Cereales, U.S. Wheat Associates (USW) and the Canadian Wheat Board (CWB), attended the conference.

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