China Cereals, Oils and Foodstuffs Import and Export Corp (COFCO) took over state-owned trading firm China National Native Produce and Animal By-Products Import and Export as part of China's World Trade Organization commitments. Changes to China's Foreign Trade Law, which abolished state monopolies on grain, petroleum, fertilizers, cotton, sugar and oils, took effect on July 1. In the wake of the changes, dozens of trading firms are being closed or merged. Rules for domestic and foreign trading firms were also liberalized.
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