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China to launch grain reserves company

COFCO, Sinograin joint venture will begin operations in January 2023.

PIXABAY
PIXABAY

On December 29, China’s state-owned grains trader COFCO said a new joint venture has been created with Sinograin, the country's grain stockpiler, to manage the country’s huge grain reserves.

According to Reuters, the China Enterprise United Grain Reserve Co. Ltd. will officially begin operations in January 2023.

According to the COFCO statement on its public WeChat account, the joint company was established in September and is part of the state’s efforts to improve the efficiency of its grain reserves and better ensure food security.

China buys soybeans and grain from global markets to stock its state reserves to ensure food supplies for its population of 1.4 billion people.

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