China to launch grain reserves company in 2023

China’s state-owned grains trader COFCO said on Thursday a new joint venture it has set up with state stockpiler Sinograin to manage the country’s huge grain reserves will officially begin operations next month.

The China Enterprise United Grain Reserve Co Ltd was established in September, according to the COFCO statement on its public WeChat account, 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, which it says are critical to ensuring food supplies for the world’s biggest population.

Tags: grain, China