The Chinese government says it will make changes in domestic agriculture policy to help it withstand potential trade difficulties in the future.
The statement from Beijing comes after the country saw its weakest economic growth in almost three decades during 2018.
Of course, China remains entangled in a trade war with America.
The statement from government officials is known as the “No. 1 Document,” and it outlined plans to rejuvenate and improve living standards in rural China.
One of the goals it set forth was becoming less reliant on oilseed imports.
The document highlighted a plan to boost domestic soybean production, but it didn’t give any further details on the idea.
Industry analysts told Reuters that they’re looking forward to more details in order to assess the potential impact of the plan to boost soy production in China.
Beijing has been looking to boost oilseed production even before the trade war with the U.S. began.
The dispute led China to slap a tariff on U.S. soybean imports, which had the effect of tightening domestic supplies as China looked to other countries to fill in the gap.
The policy document is calling for increasing stable grain production opportunities but also importing ag products where the domestic market comes up short.
The Reuters article says that’s potentially good news for the U.S. on the other side of the trade war.
