China will start importing US beef again from July 16, while Chinese cooked poultry will be allowed to enter the US market. This is part of the consensus that China and the US have reached in the 100-day-plan on trade of farm goods and livestock.
The coming of US beef products will not only add more variety to Chinese people's dinner table, but push down prices. China imported 825,000 tons of beef in 2016, making it the second largest beef importer in the world, with the fastest growing pace.
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“I believe there will be a short-term boom of US beef imports in China in the next 2-3 years to push the total beef imports in China to 1 million tonnes a year,” said Wang Mingli from Chinese Academy of Agri-Sciences.
However, experts do not see US beef as a threat to local Chinese products, as the demand is still huge. The US livestock industry was excited on the synergies and so are their Chinese counterpart.
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Wang believes the deal sends a signal that China will be able to export more livestock products to the US.
The 100-day-plan has reached agreements in 10 items including financial services, energy and investments. Experts said many of these items would help alleviate trade conflicts between China and the US, and improve trade and economic ties.