The China National Machinery Import and Export Corporation (CMC), the country's biggest state-owned machinery equipment trader, said on May 14 that it would establish more overseas subsidiaries in 2013 with Africa as 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 said at a news conference to release CMC's first corporate social report (CSR).

"The completion of CMC's first CSR report is a milestone for the development of the company. It will help upgrade the company's CSR 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.