China Has Never Planned to Set up Tobacco Joint Venture

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Last updated at: (Beijing Time) Wednesday, August 07, 2002

China Has Never Planned to Set up Tobacco Joint Venture

A spokesperson in China Tobacco Bureau made an announcement on August 6 that China has never planned to set up any tobacco joint venture.

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A spokesperson in China Tobacco Bureau made an announcement on August 6 that China has never planned to set up any tobacco joint venture.

He said that China's tobacco industry is actively cooperating with international tobacco trade. However, it has no plan to set up any joint venture, nor have any intention to negotiate with foreign counterparts.

He said that so far China's tobacco actual production capacity has far exceeded market needs and there are too many tobacco firms which are distributed very unevenly in China. Under such circumstances, there is no need to set up any new tobacco factory including joint venture.

The spokesperson also said that although China carries out tobacco monopoly system, but it has never rejected competition.

Since China's Tobacco Company was set up some 20 years ago, it has forged good trade relations with more than 100 tobacco companies in the world.

The spokesperson said that China Tobacco Bureau and China Tobacco Company do not have intention to set up joint venture, but hope to carry out cooperation with world counterparts in various fields as tobacco leaves, cigarettes, tobacco machinery and some others.

By PD Online Staff Li Yan

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