New Delhi: Economists noticed an interesting trend of China inking back-to-back deals on food grains and food products with multiple nations across the world. Most of the deals involve a massive transaction of food items. It has also signed deals with its adversaries, reflecting that the country is going probably going through a major food crisis.
China’s food inflation rose by 13.2% in July 2020. Prices of most of the food products consumed by a common Chinese on a day-to-day basis have shot up, from cereals to meat products. The National Bureau of Statistics has revealed that the prices of most commonly consumed meat, pork has increased by 86%.
China is resorting to aggressive import of food products from all over the world. The critical condition can be understood from the fact that the country is procuring almost all the major food items.
According to China General Administration Customs, the country has also increased its grain imports during the first half of this year by 22.7%, leading to a food grain import measuring 74.51 million tons. Though China has been the largest producer of soybean for the past few years, yet it plans to import 40 million tons this year from its arch rival USA.
Courtesy – ZeeNews.India.Com