China mulls rules to regulate oil, oilseeds industry

 

 

China's economic planner is mulling rules to regulate its oil and oilseeds industry, according to a report on the China Oilseed Web site Thursday. 

 

The Web site, which is managed by China Grain Reserves Corp., cited Fang Yan, deputy chief of agricultural bureau under the National Development and Reform Commission, as saying the rules will help solve the problem of China over-dependence on imported soy, which hurts farmers' producing interest.

 

Foreign companies control more than 70 percent of China's more than 87 million tonnes of soy crushing capacity, and only 48 percent of the country's total crushing capacity is used annually.