The head of Cofco, the Chinese state-owned grain trader, has laid out plans to turn the company into a publicly listed global powerhouse, highlighting Beijing’s decision to relax its policy of food self-sufficiency.
Ning Gaoning, Cofco chairman, told a Financial Times conference in Lausanne that China’s farm imports would rise from 120m tonnes to 200m tonnes in a decade as people consumed more meat and milk. “This is a transformation period in China,” he said.
The diets of the country of 1.4bn have changed as living standards rose with industrialisation. More meat and dairy on tables has strained arable land and water resources, pushing China abroad in search of grain to feed livestock.
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