Forty-seven year-old restriction on rice import quotas are due to be lifted in China, opening the market and giving retailers the chance to import more rice and embark on a round of price cuts next year.
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The Trade & Industry department is expected to announce the details of the liberalisation of the rice industry within the next two months. Most barriers to trade will likely be abolished. Any company will be able to import after registering, and simply decide for itself how much rice to import. Currently strict import quotas are keeping prices high.
Industry sources said that the three large supermarket chains ParknShop, Wellcome and China Resources, planned to import rice directly. Large fast food chains, including Maxim’s, Cafe de Coral and Fairwood, are also believed to be interested in joining the market.
Rice traders are believed to be expecting retail prices to drop by 5-10% after the market is opened.
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