October 4,1952,China and Sri Lanka signed

In 1950s, China Import & Export Co set up trading relationship with hundreds of clients in more than 40 countries and regions. It witnessed a rapid growth of export and establishment of import channels for international oil and chemical products, which enabled Sinochem become a specialized import & export company dealing with oil and chemicals trading businesses.

China Import Co ( the former name of Sinochem Corporation) was established on March 1, 1950. It is the first state-owned import & export enterprise specializing in foreign trade business.

In March 1951, China Import & Export Co was established on the basis of China Import Co and North China Trading Co, which mainly dealt with foreign trade with western countries, imported necessities for domestic production and daily lives, therefore supported the economic development of the New China.