China: the Asian giant spent, in 2020 alone, US$ 98,1 billion on food imports. The result of this buying movement came in the form of world inflation

According to USDA (United States Department of Agriculture) projections, China, the Asian giant, will control 69% of the world's corn reserves in the first half of 2022, in addition to 60% of rice reserves. and 51% of wheat, an accumulation of about 20 percentage points in the last 10 years.

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As they are projections of the Chinese's biggest opponent, the statement could have a suspicious bias. However, the "hunger" of the Asian country is proven by statements coming from the Chinese government itself.

“China currently holds a stock of food at historically high levels […], which can respond to a demand equivalent to a year and a half,” said Qin Yuyun, responsible for the cereal department of the National Food Administration last November. and Beijing Strategic Reserves.

China spent US$98,1 billion on food imports in 2020 alone

China spent, in 2020 alone, US$ 98,1 billion on food imports, according to data from the General and Customs Administration of the Asian country.

From January to September 2021, Beijing reinforced its reserves at the highest levels since 2016 by buying more soybeans, corn and wheat, between two and twelve times more than Brazil and the US, for example.

The accumulation of food reserves by the Chinese government led to rising prices and skyrocketing world inflation.

The result of this accumulation of China's food reserves came in the form of inflation: according to data from the Food and Agriculture Agency of the ONU, food prices soared 30% year-on-year worldwide. In November, the United Nations food index reached a new 10-year high.

“China's hoarding is one of the reasons for rising prices,” said Akio Shibata, president of the Tochigi Natural Resources Research Institute, in an interview with Nikkei Asia.