CHINA is looking to boost its soy output by nearly 60 percent by the end of the decade compared with last year as the world’s biggest consumer of the oilseed races to meet rising demand for protein-rich food.

    The plan to expand China’s soy acreage comes as the country plants less corn to reduce its massive State reserves. But the soy output target will be a challenge, analysts say, due to high labor and input costs.

    China wants to increase its soy production to 19 million tons by 2020, according to agriculture ministry targets published Tuesday. Output of soy, used to make products like tofu, soy milk and soy sauce, reached 12 million tons in 2015. Domestic soy prices have been under pressure from cheap imports, which are about 700 yuan (US$108.42) per ton lower. Cheaper overseas supplies have also prompted many Chinese food companies to avoid domestic soy, analysts say.

    China imported a record 81.69 million tons in 2015, up 14.4 percent year on year, official customs data showed.

    “We will focus on developing high-protein soybeans to meet demand of soy for use in food,” the ministry said on its website.

    The ministry targets total soy planting area of 9.33 million hectares by 2020, up 40 percent from 2015, according to the guidelines.

    (SD-Agencies)