BEIJING : In a step to limit its dependence on soybean imports, China has decided to cut its soybean processing capacity drastically. As part of this, China aims to limit soybean processing capacity to 75 million tonnes annually by 2010. By 2012 this will further be reduced to 65 million tonnes. In a statement, National Development and Reform Commission said China’s soybean processing capacity in 2007 was 77 million tonnes, but only 44% of the capacity was used. The country will also reduce its dependence on imported soybeans through more imports of soyoil and by boosting domestic soybean and other oilseed output. However, China’s soybean imports are likely to stay unchanged at 35- 36 million metric tonnes for the marketing year beginning October 1, 2008. According to experts, the soybean imports will remain unchanged because of expected gains in the soybean and rapeseed crops in 2008-09. China’s soybean crop in 2008-09 is expected to rise to 16.4 million tonnes from 13.8 million tonnes in 2007-08. -NDTV
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