Soybean Oil quotas begin at 1.7 million tons, rising to 3.3 million tons by 2005. Wheat quotas begin at 7.3 million tons, rising to 9.3 million tons by 2005. Other features of the entry to the WTO will level the playing field. China has committed to eliminate export subsidies for their agricultural products. This provides a strong foundation for the next WTO Round, in which total elimination of agricultural export subsidies worldwide is a major U.S. goal.
China produces huge surpluses of corn, rice, cotton, tobacco and wheat.
Exports to U.S., Australia and Europe. Beef production quite low, age at slaughter said to be 4 years of age, beef is very uneven and tough since there is no grading. Yu Taiwei, Deputy Director, General Ministry of Entry, Exit Inspection and Quarantine Not much talk of WTO, more interest in maintenance of their domestic system. Consumption of 115 million tons of corn in China annually with about 4 million tons exported. Market closed to U.S. due to price.