China National Chemicals Import and Export Corporation (Sinochem) officially became Sinochem Corporation Wednesday, in a move to show that China's traditional foreign trading giants were prepared to develop with international competition.

Sinochem is the first national foreign trading enterprise to change its name with the approval of the Commission for Supervision and Management of State-owned Properties under the State Council.

"The old name could not tell the company's business scope, market orientation and market value, let alone its future development direction," said its president Liu Deshu. "As Sinochem no longer merely deals with imports and exports, it is gradually building its own value chain and supporting industries for core businesses."

The petrochemical giant has mainly engaged in the international and domestic trade of petroleum, fertilizers, chemicals and industrial investment. It has also in recent years expanded in finance, insurance, logistics and high-tech investment.