A soybean industry development forum was held in Harbin, Heilongjiang province, on Sept 18. Experts in the soybean industry from across China gave their advice on how to further develop the industry.

Gai Junyi, a member of the Chinese Academy of Engineering, delivered a speech on the topic of the situation and policies of Chinese soybean industrial development.

Gai said that with the advancing of agricultural supply-side structural reforms in China, there are great challenges to the soybean price in the international market. The CIF price for imported soybeans is about 2,700 yuan ($405) per ton, while the price for domestic soybeans is around 3,600 yuan per ton.

Gai believes that policy regulation has a key impact on the development of the soybean industry in China. There are big opportunities for the development of the industry, since subsidies to the industry have increased. He called for further support for the soybean processing industry.

Tang Qijun, chairman of the Heilongjiang provincial soybean association, said that over the past 10 years, people have begun to favor non-genetically modified soybeans, rather than genetically modified varieties of soybeans.

Tang also claimed that there are still some problems in the soybean processing industry, and he urged the industry to develop quickly, to ensure the interests of farmers. 

Meanwhile, other experts and business leaders also discussed the topic of soybean planting, processing, and problems with the development of the industry.