News
04.03.2010
China grain processing industry plan drafted for approval by cabinet
China's Ministry of Industry and Information Technology has submitted the draft plan for development of grain processing industry during 2009 to 2020 period to the State Council for approval.
The draft hasn't mentioned policies of restricting foreign grain enterprises.
The plan drafting is regarded as a follow-up move of China's industry booster program.
The draft plan proposed that the government should give special policy support to large state-owned grain enterprises such as China Oil & Foodstuffs Corporation and China Grain Reserves Corporation. Meanwhile, thousands of small- and mid-sized companies in the grain processing industry are likely to be phased out.
According to the State Administration of Grain, although the draft has proposed to complete assessment mechanism for foreign enterprises' investment and acquisition, this doesn't mean restriction of foreign capital. The real aim is to improve policies concerning foreign firms and joint ventures.
It's reported that support policies will include strengthening self-owned brand development, promoting technology upgrading, encouraging enterprises to develop overseas market and preferential financial and tax policies for large state-owned enterprises.
Xinhua
