COFCO planning alliances to boost grain imports

State-owned firm to team up with shipping companies to help bolster food security

China National Cereals, Oils and Foodstuffs Corp, the country's largest food trader, is planning to import 3.5 million metric tons of grains every year through tie-ups with domestic shipping companies, in an effort to further bolster China's food security, a top official said.

Ning Gaoning, chairman of COFCO, said the company, which already has an established global network, will expand its alliance with China Shipping (Group) Co, to launch five new shipping services before the end of this year between China and South America. The new lines are expected to be used to transport more soybean, corn, beef and other agricultural products to China.