China Chemicals Import and Export Corporation (Sinochem), one of the nation's largest foreign trading companies, has recently re-named itself into China Chemical Group but the original Chinese and English abbreviations remained unchanged. It is the first among the foreign trade enterprises under State-owned Assets Supervision and Administration Commission to rename itself. President of Sinochem Liu Shude said the original name of the company has been unable to accurately describe the connotation, positioning and market value of the present-day company or reflects the corporate development orientation in the future. Renaming of Sinochem reflects its transformation from a traditional trader into a company with a broader integrated business scope. Renaming indicates a profound change taking place in China's traditional foreign trading enterprises after China's entry into World Trade Organization, according to experts. Those enterprises are re-positioning themselves for both domestic and international markets to bring about strategic changes and seek new opportunities for business development.
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