September 6, 2007

China soy sector calls for government support

The China Soybean Industry Association has asked the government to provide policy support to the country's soybean industry, which has won the State Council's consent, the Farmers' Daily reported Wednesday (September 5).

The report quoted the association as saying China's subsidies to its soybean industry are not enough, according to the World Trade Organization's rules.

China should push forward the marketing of its domestic non-genetically modified and high-protein soybeans, which are popular among many Asian and European countries, the report said.

Meanwhile, the country should set up a unified system of planting, processing and sales to protect the interests of its soybean industry, it said.

China's soybean industry has been plagued by a rapid influx of imported soybeans, with imports accounting for about 60 percent of the total consumed in the country.

Analysts said China is unlikely to limit soybean imports at least for the next two years, as reduced domestic soybean output can't meet strong demand growth of 15 percent annually.