China International Travel Service(CITS), the country's tourism flagship, formally took over China Duty Free Group (CDFG), said CITS president Li Lu'an on Thursday.

Li said the acquisition raised the total assets of CITS to 3.9 billion yuan (US$471.6 million), which would help enhance its international competitiveness.

Meanwhile, its cooperation with Guangdong Tourism Group Co., initiated in October, is also making smooth progress.

CITS has also actively sought international cooperation. It joined forces with American Express in January 2002 to establish CITS American Express Travel Services Limited, the first Sino-US travel joint venture in China.

According to sources from CITS, it reported 4.9 billion yuan (US$592.5 million) in sales and its assets amounted to 2.7 billion yuan (US$326.5 million) last year.
 
(Xinhua News Agency November 21, 2003)