According to a report by Shanghai Securities News, the Ministry of Finance recently announced the 2009 adjustment plan for China's tariff schedule, implementing tariff quota management for seven agricultural products, including wheat, corn, paddy and rice, sugar, wool, woolen sliver, and cotton, as well as three fertilizers, namely urea, compound fertilizer, and diammonium phosphate. The tariff schedule adjustment plan poses a bearish impact on the agricultural product market. Some market participants have expressed that although the tariff schedule adjustment does not involve soybean imports, they hope the government can impose anti-dumping tariffs to protect farmers' interests.
General Manager Huang from Beijing Orient Agribusiness Consultancy stated that wheat, corn, rice, and rice are the three major types of staple food. By continuing to implement tariff quota management and preventing the import and export tax rates from remaining unchanged, the country can effectively prevent the disorderly influx of Chinese grain into the international market. This also serves as a barrier between China's domestic market and the international market.
The new tariff adjustments did not significantly raise the import tariffs on soybeans. In response, Deputy General Manager Wang of Beijing Zhenhua Investment Management Co., Ltd. stated that some market analysts' assertion that the tariff adjustments did not increase the import tariffs on soybeans and were a major bearish factor for the soybean market was incorrect.
He indicated that although China cannot easily raise tariffs on soybean imports, it can adopt special anti-dumping measures, such as imposing anti-dumping duties, to increase the price of imported soybeans and protect the interests of farmers.
Currently, the price difference between imported soybeans and domestically produced soybeans is around 800 yuan/ton. It is impossible for the country to store all domestically produced soybeans in its reserves. Imposing special anti-dumping tariffs and raising the import price of soybeans to bring the prices of domestically produced and imported soybeans closer together are important means to protect farmers.
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