China’s Soy Crushing Industry - Solidaridad Network · CHINA’S SOY CRUSHING INDUSTRY ......

China’s Soy Crushing IndustryImpacts on the Global Sustainability Agenda

Table of Contents

Background

Sustainability

The Crushing Industry

1. Rapid Growth of China’s Meat and Feed Industry 2. Domestic Production: why soy’s country of origin is in decline3. Trade: pressure on China’s surging soy imports

1. Overview2. Company profiles

1. Overview2. Progress3. Solutions

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ACKNOWLEDGEMENTS

This report was written as a first edition and Solidaridad intends to update this report each year with deeper analysis.

Acknowledgements

We would like to express our deepest appreciation to all those who provided the possibility to complete this report, especial-ly to the company representatives who took the time to give us an interview. A special gratitude to Mr. Denggao Liu, former vice president of the China Soybean Industry Association and soybean expert, whose contribution in stimulating suggestions and guidance, helped to provide an overview in regards to the situation of the Chinese soy industry.

Furthermore I would also like to acknowledge with much appreciation the crucial role of Dr. Lin Tan, pHD, Executive Presi-dent of Hope-full Group who shared valuable statistics and data, along with his deep knowledge of soybean trade.

A special thanks to the ongoing efforts of the consortium partners of the Sustainable Soy Trade Platform (SSTP), including the Paulson Institute, The Nature Conservancy and World Wildlife Fund for Nature in the ongoing two-year project funded by the Gordon & Betty Moore Foundation.

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Photo: Key Chinese stakeholders meet in Beijing to discuss the sustainability challenges in soy trade

BACKGROUNDSoybeans originated in China thousands of years ago as a major producer and consumer of soy products. Today, soy still serves as a major source of protein, including products such as tofu, soymilk and soy sauce. While domestic soy production is in continuous decline, China today maintains its position as the leading importer and consumer of soybeans, importing 83 million tons in 2016 alone. Among all major crops, soy is the most affordable source of protein, thus it plays a pivotal role to ensure a steady supply for food security in the coming decades.

China has unquestionable impact in the global soy trade complex. As supports for Chinese soy farmers falls away and with a severe shortage of land, water and labor resources, China depends on soy imports to meet the growing demands for the meat and feed sectors. China’s hunger for soy parallels the soy production and expansion in South America.

China is witnessing growing pressure to address environmental degradation not only domestically, but also abroad. China’s surge in soy imports can be linked to the expansion of soy production in South America causing deforestation and habitat conversion. The China and South America soy trade complex is a topic of economic and geo-political debate. While efforts have been made to reduce deforestation in Brazil’s Amazon biome, soy production has expanded into other regions of Brazil including the savannah known as the “Cerrado” and other countries including Uruguay and Bolivia. This shift is pushing other industries including cattle ranching into deforested land. The high demand for soy continues to be the main driver of land use change and habitat loss in South America. Figure. China & South America’s Soy Trade Complex

Source: Statistics from the China Grains & Oils Business Net (中国粮油商务网)

Figure. China & South America’s Soy Trade Complex

RAPID GROWTH OF CHINA’S MEAT & FEED INDUSTRYFollowing China’s “Open and Reform” period in the mid 1970s, the feed sector was endorsed by the Chinese government as a key industry to transition to the consumption of a more protein-rich diet of meat, poultry and dairy. The feed industry grew rapidly in the following two decades placing greater demand on China’s grain supply. The usage of soy in China shifted from feeding people directly to feeding China’s growing feed and livestock sectors. Despite maintaining a strict grain self-sufficiency policy, the feed sector’s heavy demand of raw materials raised concerns over China’s grain supply and food security. In 1995, the Chinese government changed the rate of grain self-sufficiency from 100% to 95%, to start importing more grain products. Soybeans became the single most liberalized crop, leading to a surge in China’s soy imports.

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Source: China Industry Information (中国产业信息)

Figure. China’s Soybean Meal Consumption Use

While China still ranks low on meat consumption per capita, meat consumption in China has been on the rise since the mid 1990s and is expected to continue to increase. According to the United Nations Food and Agriculture Organization (FAO), China is now the largest manufacturer and consumer of feed ingredients, and the largest producer of livestock products. In 1992, China surpassed the United States as the leading meat consuming country in total volume. Today, China consumes over a quarter of global meat volume, producing and consuming half of the world’s pork, almost 20% of the world’s poultry, and 10% of the world’s beef to date. China is one of the top producers of feed globally, with a feed production volume of 15.05 million metric tons in 2016 alone .

China’s feed industry took off in the 1970s, labeled as a priority industry by the central government in order to increase the production of animal-based protein products. Feed is mainly categorized between pig feed (41.7%), poultry feed (meat: 27.56%; egg: 15.09%) and aqua-feed (9.46%). Soybean meal (豆粕) is a key raw material for feed in non-ruminant livestock such as pigs and chickens as a source of high plant protein. As a key source of protein, 75% of animal feed consists of soybean meal. Protein content is one of the key factors considered when procuring soybeans.

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DOMESTIC PRODUCTION: why soy’s country of origin is in decline

Figure. Factors Leading to the Decrease in Domestic Soy Production

Photo: Sinograin North’s Soy Fields in Heilongjiang Province, by Solidaridad

PRODUCTION

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Source: USDA

Figure. China’s Soybean Supply & Demand

Due to land degradation and scarcity in water resources, China has the highest input costs for soy production in compari-son to other major soy producing countries such as Brazil and the United States. In order to meet the growing demands for soy, China is increasingly more dependent on soy imports. With no quota for soy, and the import tariff on soy is only 3%, an influx of soy imports is inevitable .

Figure. China’s Soy Production & Consumption

China’s growing hunger for soy continues to increase as demonstrates in consumption and import levels, but also as a means to ensure future supply and food security. Discussions over China’s actual supply in stock and the actual demand are debated.

MMT 12/13 13/14 14/15 15/16 16/17

Beginning Stocks

13.52 12.34 11.6 13.5 12.25

Production 12.5 12 11.7 10.5 13.2 Imports 60.7 70.18 78.3 83.15 85 Total Supply 86.09 94.52 101.6 107.15 110.45 Crushing 62.58 71.5 76.8 82.21 86.5 From Domestic 3.5 2.5 1.8 1.9 3.5 From Imports 59.08 69 75 80.31 83 Exports 0.27 0.22 0.15 0.15 0.15 Seed 0.5 0.5 0.4 0.5 0.5 Food, industrial

10.4 10.7 10.75 12 13

Total Use 73.75 82.92 88.1 94.86 100.15 End Stocks 12.34 11.6 13.5 12.25 10.3

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Figure. China’s Soy Imports by Country (2016)

Source: USDA

After the liberalization of soy imports, China witnessed a surge in soy imports and that statistic continues to increase each year. Today, China accounts for 65% of the global soy trade volume with 83 million metric tons in 2016 alone. Soy is the single largest agricultural product imported to China (in value). With 90% of China’s soy imports coming from the United States, Brazil, and Argentina, China accounts for 60% of U.S. soy exports and 58% of Brazilian soy exports. China is the destination for 45% of all U.S. agricultural products. In 2013, Brazil surpassed the United States to become China’s leading source of soy imports. Brazil now accounts for 50%, the United States accounts for 35%, and Argentina accounts for 10% of China’s total soy imports.

China65.3%

Europe11.7%

Other23%

TRADE: pressure on China’s surging soy imports

Source: Dr. Tan Lin, Hopefull Group

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Table. China’s Soy Imports by Country (2016)

Argentina 8,374,618 10%

Brazil 42,583,491 51% United States 28,909,008 35% Canada 1,361,766 2% Uruguay 1,564,295 2% Russia 430,875 Less than 1% Ukraine 4,290 Less than 1% Total 83,228,612

The rapid growth of China’s soy imports directly correlates to the soy production and expansion rate in South America, particularly in Brazil

Major Players.

Source: Dalian Commodity Exchange

Source: China Soybean Industry Association

Comparison of Companies Directly Importing Soy to the Chinese Market

State-owned Private Multinationals

2009-2010 31% 32% 37%

2010-2011 31% 40% 29%

2011-2012 35% 41% 24%

2012-2013 31% 53% 16%

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In 2009, the top four out of five soy importers were multinationals. In 2014, a greater percentage of imports was done by Chinese companies.

A majority of Chinese traders continue to be dependent on the multinational traders including ADM, Bunge, Cargill, Drey-fuss and Marubeni who play a dominant role on global soy trade. Chinese companies have difficulty gaining direct access to soy production in South America. While attempts have been made by Chinese companies to purchase land, processing facili-ties and ports in Brazil for better acquisition and efficiency of soy trade, so far no Chinese company has been successful Chinese companies still need more knowledge on the local context, including the national laws.

The former Chinatex Grains & Oils Import/Export Company Limited, now merged with COFCO as of 2016, established its Brazil office in 2003. With the support of the Brazilian South-West Chamber of Agriculture, Chinatex successfully purchased 500,000 tons of soy from Brazil directly, breaking through the monopoly of multinational trading houses .

Through personal interviews with Chinese company representatives from Jiusan, Sinograin and Hopefull, most Chinese companies go through Cargill and Bunge for soy procurement, with 50% from Brazil and 50% from the U.S. There are concerns over the quality, with complaints of discolored soybeans, high foreign matter content, and overall dissatisfaction with the quality of soy being imported.

Chinese soy importers factor in soybean price, the futures market and protein content when procuring soy. While quality is a concern for companies, the low profit of soy allows little space for traders to factor in other variables, hence quality is often not a key factor within the contract of the trade transactions.

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Photo: Hopefully Group Facilities

CHINA’S SOY CRUSHING INDUSTRY

OVERVIEWChina’s soy crushing industry began to take off in the 1990s. When China first started to import soybean meal, it caused a decline in profit margins for domestic soy processors. “In 1999, to address these problems, officials moved to encourage imports of soybeans for processing in China by restoring the VAT on imported soybean meal, eliminating quotas on import-ed soybeans, and cutting the soybean tariff to 3%” The majority of China’s imports of whole soybeans are processed and crushed domestically into meal for feed and edible oil. China’s crushing industry witnessed its peak growth in the 2000s. With approximately only 100 processing facilities in 2000, the number increased to 170 facilities by 2006 . A large portion of facilities are located in the Northeast region of Heilongjiang province where soy is produced, while other facilities oper-ate close to the major ports including Guangzhou, Shanghai, Ningbo, Qingdao, Tianjin, and Dalian. Facilities crush over 1,000 tons per day, with a national total of 438,000 tons crushed per day, and 145 million tons per year.

Figure. Map of China’s Soy Crushing Facilities

Soure: Dalian Commodity Exchange

The growth in China’s soy crushing industry matches growth in China’s feed industry. The crushing industry has an annual increase of 13-15% each year. The total annual processing volume increased from 10 million tons per year at 64,000 tons per day to 90 millions tons per year at 300,000 tons per day. By 2012, the total volume per year reached 139 million tons. In 2014, the total volume reached 145 million tons. While the annual crushing capacity in China continues to grow, facilities tend to run at half the capacity .

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Figure: China’s Soy Processing Capacity


Incentives for the expanding crushing industry: 1.Government supports state-owned industry 2.Existing companies expend crushing capacity to occupy market share3.Local government supports new crushing plants for more local taxes4.Private companies invest in other industries to subsidize the crushing business.

Crushing companies operate in a competitive market. What appears to be an increase in demand is the result of the fact that processing facilities in China operate at negative margins. Crushing companies increase their import and processing volume each year in order to make profit and stay afloat. Some companies such as Hopefull Group will subsidize their processing operations through investment in other industries, such as real estate . While crushing capacity increases, the crushing margin stays low.

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Figure. China’s Crushing Margin of Imported Soybeans from the United States (red) and Brazil (grey)

Source: Hopefull Group statistics

In 1999, large-scale foreign investments started to enter China’s crushing industry. In the 2000s, 70% of China’s crushing industry was controlled by foreign multinational companies including Wilmar/ADM, Cargill , Noble Agri, Bunge and Drey-fus. In 2007, a new law was enacted to limit foreign companies’ operations and control of the crushing industry, in order to support the domestic crushing industry. Today, 60% of the Chinese crushing industry is controlled by Chinese companies.

Figure. Annual Crushing Capacity of Major Players

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COMPANY PROFILESThe companies listed below are listed ten companies within the top 15 leading companies in the crushing industry account-ing for 69% of the crushing industry market. While a majority of the companies are major importers and crushers, some companies will buy soy imports from other importers and process in their crushing facilities.

WILMAR-KERRY LTD, CO. // ADM (益海嘉里)Wilmar Kerry has been operating in China since 1994 as the Chinese company affiliate of Wilmar International and is the leading soy importer and crusher in the Chinese market. Wilmar operates a joint venture with the multinational company ADM, who has a 22% share of Wilmar, in their soy business in China. Wilmar/ADM operate 36 soy crushing facilities across China for feed and oilseeds. As a major soy trader, Wilmar/ADM crushes its own soy imports, but also buys soy from other traders to process and crush in their own facilities. Wilmar products include soybean oil, soybean meal, soy lecithin, and soy protein concentrate. Soybean oil brands include Arawana (金龙鱼), Koufu (口福), and Gold Ingots (元宝), and the soy milk powder brand Chen Xing Dao (晨星岛).

COFCO (中粮集团)Founded in 1952 as a state-owned enterprise, COFCO is the largest importer and exporter in China of grains, oils and food. COFCO has since bought up the Dutch based trading company, Nidera, and Hong Kong based company, Noble to establish a stronger global position of influence. In 2016, the state-owned company Chinatex also merged with COFCO. COFCO owns 13 crushing facilities across China including Tianjin and Guangdong Province.

JIUSAN GROUP (九三集团)Jiusan Group is a subsidiary of Beidahuang Group, one of the largest national agricultural enterprises based in Harbin in Heilongjiang Province. With overseas operations in Hong Kong, the United States, and Brazil, Jiusan Group has been develop-ing a more strategic international soybean industry supply chain. Jiusan Group operates four crushing facilities in Dalian City, Tieling, Changchun city and Guangxi province. The group can annually supply the market with 9.6 million tons of high-quality soybean meal, 2.16 million tons of soybean oil, 35,000 tons of concentrated soybean lecithin, 16,000 tons of fresh bean curd, 24,000 tons of soybean lecithin milk, 27,000 tons of soybean milk powder, 100 tons of Vitamin E, 80 tons of soybean isofla-vone, 0.2 billion soft capsules of natural Vitamin E, 600 tons of supercritical soybean power lecithin, 1,500 tons of soybean germs .

Trade Volume

12 MMT

Annual Crushing Volume Market Share

9%21 MMT

Number of Crushing Facilities Location

China36

Trade Volume

5.15 MMT


11%4.8 MMT


Across China including Tianjin and Guangdong Province13

Trade Volume

7.7MMT


10.78%12 MMT


Dalian city, Tieling city, Chang-chun city, Guangdong province4

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BOHAI GROUP(渤海集团)Shandong Bohi Oils and Fats Industry Co., Ltd. is mainly engaged in the production and processing of grain, oil, cotton-seeds and other major agricultural products. Bohai has two crushing facilities located in Qingdao city of Shandong prov-ince.

CHINATEX (中纺集团)The state-owned enterprise was established in 1951 and today is one of the largest soybean traders and oil extraction enterprises in China. Chinatex operates ten oil-extraction and two grain storage facilities across China. In March 2016, there was heavy discussion to merge Chinatex, Sinograin and Cofco to compliment each other under one company to represent 30% of China’s total soy import volume. In 2016, Chinatex formally merged with COFCO.

BUNGE (邦基集团)Bunge’s history in China dates back to the 1920s, and in 2000 Bunge established Bunge International Trading (Shanghai) Co., Ltd for soy imports to the Chinese market and to export corn and wheat. Bunge owns three crushing facilities in Nanjing City, Tianjin province and Rizhao in Shandong province. Bunge’s products include the soybean oil brand “Duowei-jia” and soybean meal for feed.

Cargill was first established in China in the early 1970s. Today, Cargill operates three grain & oils facilities and 32 feed mills in China. Cargill produces soybean oil in addition to feed protein for poultry, pig and beef. Cargill has four oilseed crushing facilities: three in Guangdong province and one in Jiangsu province.

Trade Volume

6 MMT


7%8 MMT


Shandong province2

Trade Volume

4 MMT


6%5.1 MMT


Guangdong province, Jiangsu province4

Trade Volume

3 MMT


5%6 MMT


Across China10

Trade Volume

1 MMT


8%5.2 MMT


Nanjing city, Tianjin province, Rizhao in Shandong province

3

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CARGIIL (嘉吉集团)

SINOGRAIN (中储粮)Sinograin Grains & Oils Co. Ltd is one of the largest state-owned enterprises in China involved in the complete supply chains of soybean from trade, production and processing. Sinograin owns eleven crushing facilities across China in Donggu-an in Guangdong Province, Zhanjiang, Rizhao and Tianjin.

NOBLE AGRI GROUP (来宝集团)Noble Group is a Hong Kong based trading company that was founded in 1987. Noble Agri is the agricultural arm of the company and was bought up by Cofco in 2014.

HOPEFULL GROUP (三河汇福集团)Hopefull Group was founded in 1999 with headquarters in Hebei Province. Hopefull Groups’ major products include soybean oil, soybean meal and soybean lecithin. Hopefull processes 3 million tons of soybean, with an annual production of 550,000 tons of soybean oil, and 2.4 million tons of soybean meal.The group operates two oil refineries in Yanjiao in Hebei province and Taizhou in Shandong Province. Hopefull Group is currently building a third facility in Liaoning, which will enable the group to expand further. Hopefull Group’s soybean oil mainly supplies restaurants in Beijing.

Trade Volume

1.76 MMT (2.46%)


3%3 MMT


Yanjiao, Hebei province; Taizhou, Shandong province, Liaoning province

3

Trade Volume

3.23 MMT


6%(trade volume) 2.9 MMT


Dongguan city, Guangdong province; Zhanjiang, Rizhao city in Shandong province, Tianjin

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Trade Volume

3 MMT


4%4.9 MMT


Nantong, city Jiangsu province; Yantai-longkou city, Shandong province; Chon-qqing Fuling, Sichuan province; Qinzhou city, Guangxi province; Jinzhou city, Liaoning province

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SUSTAINABILITYOVERVIEWSustainable supply chains is a hot topic globally. With public commitments including the Amsterdam Declaration and the New York Declaration, most market leaders have already made public commitments to eliminate deforestation from supply chains including soy, palm oil, paper/pulp and beef, to name a few.

In China, thanks to the efforts made by the China-South America Sustainable Soy Trade Platform (SSTP), there is initial recognition and awareness for the need to transition towards sustainable supply chains. So far, Chinese companies have yet to send a clear demand signal for soy from sustainable sources due to the lack of a strong business case. In addition, there has not been a policy signal from the Chinese government. Multinationals who already made public announcements haven’t worked out clear targets for China. While the European market has sent out a clear demand signal for deforesta-tion-free produced soy, Europe only accounts for 11% of the global soy trade. Most multinationals operating in China though more often than not have less ambitious sustainability targets for the Chinese market than for the European and North American markets.

PROGRESSIn January 2017, following a propelling speech by president Xi Jinping at the World Economic Forum conference in Davos signaling China’s leadership role to combat global climate change, Chinese food and agribusiness giant COFCO’s chair-man Yu Xubo spoke on a panel and remarked on COFCO’s commitment to eliminate deforestation from its supply chains. The next step is turning words into actions.

Several companies have only established a sustainability department in China in 2015, which are mainly focused on health and safety. Sustainability and procurement are usually separate departments. So far, COFCO has taken the lead amongst the Chinese companies to move towards responsible procurement. COFCO already has two facilities in China that are RSPO (Roundtable on Sustainable Palm Oil) certified, and recently became a member of RTRS (Round Table on Respon-sible Soy) in early 2016. Sinograin North became the first Chinese company to receive RTRS certification.

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Photo: China Soybean Industry Association signs an MoU agreement with Brazil's AproSoja & ABIOVE

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SUSTAINABILITY MILESTONES IN CHINA

STAKEHOLDER SUSTAINABILITY ACKNOWLEDGEMENTS

Company RTRS/ Proterra

No Deforestation Policy

Consumer Goods Forum

UN Global Compact

Carbon Emissions

ADM √ √ Bunge √ √ √ Cargill √ √ √ Louis Dreyfus

√ √

Wilmar √ √ √ Marubeni √ √ CP Group Nutreco √ New Hope COFCO √ √ √ Sinograin √

Note: the table above is based on the company membership of different sustainability initiatives.

BUSINESS CASE: SINOGRAIN NORTH COMPANY RECEIVES CHINA’S FIRST RTRS (ROUND TABLE ON RESPON-SIBLE SOY) CERTIFICATION

In 2014 the China Soybean Industry Association and Solidaridad facilitated China’s first RTRS certification for Sinograin Northern Agriculture Development Company Ltd., one of China’s leading soy producing, processing, and trading compa-nies. The certified operation of Sinograin North covers 25,000 hectares of land and about 40,000 metric tonnes of soy annu-ally in Heilongjiang province. Following the success of China’s first RTRS-certified soy, Solidaridad with the support of Sinograin and the local government has secured 2,500 smallholder farmers to participate in a pilot project aimed at promot-ing responsible soy production in the surrounding region of Heilongjiang province.

While Sinograin successfully certified nearly 50,000 tons of soy by RTRS standards in 2015, the RTRS credits were sold to the European market. Solidaridad continues to provide RTRS training to Sinograin North and is working to build a stronger market linkage to promote RTRS within the Chinese market.

SUSTAINABLE SOY TRADE PLATFORM (SSTP)

The Sustainable Soy Trade Platform (SSTP) was launched in March 2015 led by the Paulson Institute, in addition to Solidari-dad leading efforts in China, the Nature Conservancy leading efforts in Brazil, and the World Wildlife Fund for Nature leading in policy research. Recognizing the strategic value of the soy trade link between South America and China, the Sustainable Soy Trade Platform (SSTP) seeks to advance the responsible procurement of soy in the Chinese market.

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The platform continues to engage the private sector in China to adapt sustainable sourcing commitments. The platform successfully recruited Sinograin, Hopefull Group, Jiusan Group, in addition to support from Rabobank and China Grains & Oil Information Net.

In December 2015, the platform led a Chinese delegation trip to Brazil to meet with Brazilian stakeholders and see soy production first hand. The Chinese delegation was headed by Mr. Denggao Liu, Vice President and Senior Agronomist of the China Soybean Industry Association, along with representatives from the top Chinese companies including CP Group, COFCO, Jiusan Group, Sanhe Hopefull Group, Chongqing Grains, and Shandong Scents. The companies in attendance account for 20 million of the 70 million tons imported in 2015. The group met with leading soy industry stakeholders in Brazil including Association of Brazil of Vegetable Oil Exporters (ABIOVE), Soy Producer Association of Mato Grosso (Aprosoja- Mato Grosso), the state government of Mato Grosso, among others.

The trip highlighted Brazil’s strict environmental legislation, the Brazil Forest Code, to eliminate deforestation and land degradation from soy production. Stakeholders discussed the progress and challenges Brazilian soy producers face to implement compliance with the code. After much dialogue between the Chinese and Brazilian stakeholders, it acknowl-edged the need to build a stronger direct link between the Brazil and China soy industries, with the Chinese markets recognition for soy producers’ efforts in Brazil.

SOLUTIONSCHALLENGES

Chinese companies have been hesitant to make any formal public commitments out of the lack for a successful business case. While there is initial agreement to transition towards sustainability, companies need support for implementa-tion within their supply chains. In an industry that is price sensitive, companies have yet to see the economic incentive in adapting sustainable sourc-ing practices. The profit margins for soy crushing are too low. Heightened restrictions on government officials and state-owned enterprise employees hinder their ability to attend learning trips outside of China. They need one year in advance to plan their annual international travel.

OPPORTUNITIES

President Xi Jinping has demonstrated the urgency of climate change by ratifying the Paris Climate Agreement and readdressing Climate Action at the World Economic Forum Conference in Davod in January, 2017. COFCO Chairman Yu Xubo spoke on a panel in Davos to address COFCO’s commitment to eliminating defor-estation from the supply chain. Chinese companies are eager to build a direct link to soy production in Brazil. Top Chinese companies including Sinograin and COFCO have already made initial efforts to lead sustainable sourcing initiatives in China, including becoming members of RTRS and RSPO. Green Finance is a hot topic in China, with Chinese banks as the leaders in issuing green bonds. In 2016, the global green bonds issuance reached 80 billion USD, with one-third coming from China.

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USDA Statistics Yan Hairong, Chen Yiyuan and Ku Hok Bun, “China's soybean crisis: thelogic of modernization and its discontents,” Journal of Peasant Studies (2016) Gustavo de L.T. Oliveira, “Chinese and Other Foreign Investments in the Brazilian Soybean Complex” Chinatex Corporation. “Grains & Oils Business.” last modified 2010. http://www.chinatex.com/tabid/168/Default.aspx Gale, Fred. “Development of China’s Feed Industry and Demand for Imported Commodities”, A Report from the Economics Research Service, United States Department of Agriculture, November 2015, p. 4. China Soybean Industry Association, 2015 Annual Report. Interview, Representative from China National Grains & Oils Information Center, March 18, 2016. Interview. Dr. Tan Lin, PhD, Executive Vice President of Hopefull Group, Beijing, June 17, 2015. Interview, Representative of Jiusan Group, Foreign Trade Department, Harbin, July 18, 2015. Interview, Representative of COFCO-Noble Agri Group, Procurement Department, Beijing, November 23, 2016.

SOURCES

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Photo: Hopefully Group Facilities

Isabel Nepstad Programme [email protected]

Room 1103, 11/F, Tower 1, Bright China Chang An Building,

No. 7 Jianguomen Nei Street, Dong-cheng District,

100005, Beijing, P.R. ChinaTel: +86 (10) 65688207

www.solidaridadnetwork.orgwww.sustainablesoytrade.org

China’s Soy Crushing Industry - Solidaridad Network · CHINA’S SOY CRUSHING INDUSTRY ......

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