中经评论：我国大豆供应链韧性持续增强

Core Viewpoint - China maintains strategic stability in the face of international market fluctuations, ensuring food security and a solid foundation for economic and social development [1] Group 1: Domestic Soybean Supply and Demand - China's soybean consumption exceeds 100 million tons annually, with a low self-sufficiency rate and imports consistently above 80 million tons, primarily from Brazil, the U.S., and Argentina [1] - The country is actively diversifying import channels and enhancing domestic production to mitigate structural risks associated with soybean supply [2][3] Group 2: Strategic Initiatives - China has expanded its soybean import sources to include emerging markets like Russia and Ethiopia, reducing reliance on single suppliers and enhancing market resilience [2] - The establishment of sufficient soybean reserves acts as a stabilizing force in the market, allowing for strategic responses to price fluctuations and supply disruptions [2] Group 3: Domestic Production Enhancement - China's soybean production has exceeded 20 million tons for three consecutive years, with a projected increase in self-sufficiency by 4 percentage points by 2024 compared to 2020 [3] - The increase in domestic production is expected to alter international market expectations regarding China's soybean import demand, potentially leading to downward pressure on international prices [3] Group 4: Feed and Protein Supply Chain - The demand for soybean meal, a key protein source for livestock, is rising due to expanding farming scales, making it a significant factor in soybean imports [4] - China is implementing measures to reduce reliance on imported soybeans by promoting low-protein diets and exploring alternative protein sources, thereby enhancing the resilience of the protein supply chain [4]