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BEIJING, Nov. 23 (Xinhua) -- China's state-asset watchdog said Wednesday that China National Cotton Reserves Corporation will no longer be under its supervision and be merged with another state-owned company.
The state cotton reserve manager will become a wholly-owned subsidiary of China Grain Reserves Corporation (Sinograin), the State-owned Assets Supervision and Administration Commission (SASAC) said in a statement.
"China National Cotton Reserves Corporation will no longer be under the direct supervision of SASAC," the statement said.
The merger is part of the reorganization of state-owned companies in a bid to reduce costs, raise efficiency and make them more competitive.
