- Introduction
- Main contents
- List of tables
- List of figures
Description:
Since 2007, China has implemented a temporary corn reserve policy, which aimed at stabilizing China’s corn supply through ensuring farmers’ income for corn planting, and protecting them from losses caused by market price fluctuations. China’s corn output growth in this period was fast, from 152.30 million tonnes in 2007 to 224.63 million tonnes in 2015, up by 47% and at a CAGR of around 5% in this period, growing the fastest among all agricultural crops. The corn output growth in China during 2007–2015 outpaced its domestic consumption growth, which rose from 145.95 million tonnes in 2007 to 194.09 million tonnes in 2015, an increase of 33%. Accordingly, corn stocks were on the rise in this period.
China has increasingly become a net importer of corn, as the domestic corn was not as competitive as the imports in terms of price. The reasons for the uncompetitive price of domestic corn include rising costs of farm land, labour, agricultural materials, small farm scale, less efficient production and relatively low unit yield, etc. As a result, a large portion of rising domestic output of corn entered the state reserve stock.
Maintaining a high stock level places a heavy fiscal burden on the Chinese government and managing these stocks has become a pressing concern, which has become an important factor driving Chinese government to adjust its corn subsidy policies from the late 2015.
Facing the difficulty from the triple-high phenomenon (high and growing domestic production, high and increasing imports and high and rising domestic stock), China has started to reform its corn subsidy policies in the last couple of years, such as lowering and even abolishing the government floor price, reducing and liquidating of corn stocks from state grain reserves, and carrying out the ""Sickle-shape region corn structural adjustment"" programme.
As China’s corn subsidy policy has been shifting to “market procurement” and direct producer subsidies since the late 2015 to deal with the huge stock of corn and ever increasing planting area as the top priority, reduced corn output and planting area are expected in China in the coming years.
This report aims to analyse the impacts of the policies on corn industry in the aspects of planting area, production, import & export, inventory and price after 2007, revealing the reasons for the change of the corn policies and the future trend for these policies, and focuses on the information below:
- Overview of China's economic and agricultural growth
- China's corn supply and demand balance in recent years
- Policies on and changes in China’s corn planting and supply, corn import and export
- Price changes and comparison between domestic and imported corn
- Forecast on Chinese government's policy trend for corn industry
The report is based on data collected via diverse sources. The primary sources include comments from industry experts. Various secondary sources include published magazines, journals, statistics from governments and international institutes and CCM’s database, etc. Data obtained from various sources have been combined and cross-checked to ensure that this report is as accurate and methodologically sound as possible.
Key players in the corn and food markets will have varying degrees of impact or play a pivotal role in implementing the corn policy. The report will analyse in detail the events that these businesses or agencies experience. Key market participants include China Grain Reserves Corporation, COFCO Limited and Heilongjiang Beidahuang Land Reclamation Group Company.
Research scope of the report
Region: China
Time: the early 2000s (the beginning years of carrying out China’s agricultural subsidy policies) till 2016, unless otherwise stated or data unavailable
Product: corn
Aspects: policies related to corn planting and supply, corn import and export, and impact analysis through data on planting area and output of corn, import and export, stock, as well as price changes
To enquire about this report, please email econtact@cnchemicals.com or call 86-20-37616606.
Main contents:
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List of tables:
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Table No.
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Table Title
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Table 1.1-1
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Average annual growth rate of China's economy, 1970–2015
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Table 1.1-2
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Changes in structure of China's economy, 1970–2015
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Table 1.3-1
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China's corn output, import and export volume in 2004–2016, '000 tonne
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Table 2.1-1
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China’s Producer Support Estimates for major commodities, 2006–2015, million USD
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Table 2.1-2
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Chinese government's floor prices for corn, 2008–2015
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Table 2.1-3
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China's direct corn producer payment by province/region, 2016
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Table 2.1-4
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Details of overall Northeast China processor subsidy fund allocation, 1 November, 2016–30 April, 2017
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Table 2.2-1
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China's corn and grain crops planting area, 2001–2016
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Table 2.2-2
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China's corn and grain crops output, 2001–2016
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Table 2.3-1
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Comparison between domestic price in China and world market price for corn, 2001–2015, USD/t
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Table 2.4-1
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China’s tariff rate quota on corn import, 2001–2017
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Table 2.5-1
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China's import and export volume of corn and its substitutes during 2004–2016, '000 tonne
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