May 21, 2008

China mulls soy import reporting system

China's Ministry of Commerce is looking on the launch of a bulk agricultural product imports reporting system as soon as possible, Wang Shouwen, director of the Foreign Trade Department of the ministry, said.

The system will mainly monitor staple imports of soy and soymeal, which influence domestic market to a great extent, said the ministry.

China has previously released a trial measure, under which companies are to report staple imports of agricultural products.

The system allowed the government to get the dynamic information about the nation's agricultural products imports.

Furthermore, the ministry plans to create a system monitoring prices of major goods, including grain and oil in the world market, and optimize pre-warning monitoring on the import and export information issuance in 2008.