CMC to expand overseas subsidiaries

China National Machinery Import and Export Corporation, the country's biggest State-owned machinery equipments trader, said on Tuesday that it will establish more overseas subsidiaries in 2013 and Africa is a key market.

"While maintaining growth in traditional foreign markets in Asia and South America, we are planning to strengthen resource allocation in new markets such as those in Africa this year," said Wang Xusheng, CMC president.

"We are seeking a new business model in terms of market allocation and technology innovation in overseas markets."

Wang made the remarks at a news conference to release CMC's first corporate social report.

"The completion of CMC's first CSR report is a milestone for the development of the company. It will help upgrade the company‘s LCSR management level," Wang said.

On the basis of its four traditional business sectors including energy, transportation, light industry and building materials, CMC is shifting its core business from the traditional areas to international project contracting and auto sales.