China's grain imports volume hits record high

17:35, March 29, 2011      

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The volume of China's grain imports, including soybeans and corn, exceeded 60 million tons in 2010, hitting a record high, said Chen Xiwen, deputy director of the Office of Central Financial Work Leading Group and director of the Office of Central Rural Work Leading Group, recently.

Chen said the volume of soybean imports reached nearly 5.5 million tons, accounting for 60 percent of the global soybean trade volume,

Data released by the General Administration of Customs in February shows that in 2010, China imported nearly 1.6 million tons of corn, 19 times more than in 2009, and 1.2 million tons of wheat, a significant increase compared with 2009.

One reason for the significant increase of China's grain imports is the huge market demand. Another reason is that China established strategic reserves of grain and stored some grain in 2010.

Chen said that a food supply shortage will not appear in China in 2011 because the inventory is sufficient. He also implied that China's food prices will remain stable in 2011.

By People's Daily Online

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