September 9, 2010

 

China's soy sector looks at revitalisation measures

 

 

China's first international soy industry fair has concluded in Heilongjiang, and during a conference, it has been proposed that the country should revitalise its domestic soy industry.

 

The Chinese soy industry promotion measures would be mapped out soon, said Wang Xiaoyu, vice secretary general of the Heilongjiang Soy Association.

 

The Chinese authorities have been propping up the domestic soy industry since a massive lockout in the province this February. For instance, regulators launched a temporary reserve policy and started to impose partial restrictions on imported soyoil in April.

 

Continued increase of imported soy and cheap prices threaten domestic soy crushers. In addition, new-season soy will come into market near the end of the month, which is also a major roadblock for resumption in production, said industry insiders.

 

Wang Xiaoyu points out that the key to revamp the Chinese soy industry chain is to foster a host of large and strong companies, and build an integrated independent business.