China to Ease Soybean Import Dependence, Boost Foreign Controls

By William Bi

Sept. 3 (Bloomberg) -- China, the world's biggest soybean buyer, will ease its dependence on imported beans and increase controls on investments by overseas processors, the top economic planner said.

China should slow the growth of its soybean imports by ``appropriately'' allowing more imports of soybean oil and by expanding domestic oilseed output, the National Development and Reform Commission said today in a statement on its Web site.

China will also increase regulations on overseas-owned soybean processors, which have ``rapidly'' taken market share, the statement said. The government will help domestic-controlled firms expand overseas by leasing land to grow the crop and set up logistical and processing facilities, it said.

To contact the reporter on this story: William Bi in Beijing at wbi@bloomberg.net