Well-Oiled Woks Via Trade Policy
Greasing a billion woks and filling them with pork is not easy, especially if you want some rice to go with the meal. An analysis published in Economic Times last month reveals that China's low barriers to agricultural imports have allowed the country's population to increase its level of food consumption--especially intake of fats and animal protein--to unusually high levels for a low-income country. The study's author argues that reversing the country's reliance on imports of soybeans and vegetable oils would hurt consumers more than it would help producers by raising prices and reducing food intake. His main point is that the country needs to view "food security" in a more "rational and scientific" manner. Cheng Guoqiang, the author of "Causes and Consequences of Our Country's Increase in Agricultural Imports," is a leading authority on China's agricultural trade and a senior economist in the State Council's Development R...