China National Cotton Reserves Corporation (CNCRC in abbreviation) is a wholly state-owned enterprise founded in March 2003 with the approval of the State Council. CNCRC is assumed with the overall responsibility for the management of the state cotton reserve. Under the macro regulating and surveillance of the central government, CNCRC is responsible for its own management decisions, profits and losses. There are 16 cotton warehouses affiliated directly to CNCRC, and 160 more under the corporation’s surveillance. These warehouses are all located in main cotton producing and consumption areas all over China. A well equipped, soundly managed cotton warehousing system with rational layout has been initially established by CNCRC.
The operation guidelines of CNCRC include: abiding by the law; executing government’s cotton policies; strengthening management to promote economic profits; ensuring the safe and good storage of the state cotton reserve and efficient distribution in time of need; protecting the state assets; and fulfilling state macro-regulating mission.
In the future, CNCRC will persist in its own development strategies, i.e. establishing new system, adopting new mechanism, grasping new opportunities and building new corporate image. Besides, we will try our best to deepen reform, strengthen administration and improve our service. Through these efforts, CNCRC will be an outstanding state-owned enterprise with unity, credit, efficiency and initiative. CNCRC will make great contribution to the development of the national economy and the acceleration of market-oriented transformation of china’s cotton circulation system.
During the past 6 years, under direction and support of relevant departments of the central government, CNCRC has made painstaking efforts to accomplish all missions upon regulating cotton market highly effectively by making full use of domestic and international market places as well as various resources. The company has made great progress in deepening reform, improving administration, extending service scale and strengthening core competitiveness, and has become one of enterprises having dominant influence in domestic as well as international cotton industry.
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