China considers banning overseas investment in genetically modified seed production

Lead: Shanghai, Jan 28: according to a Chinese document, China is considering banning new overseas funds from investing in the development and production of genetically modified crops, such as corn and soybeans, in China According to a draft government document obtained by Reuters, China plans to restrict overseas investment in production of food, potatoes, cotton and oilseeds, as well as exploration and mining of metals An industry source, who declined to be named, said the document, called the outline of the guidelines for foreign investment in the industry, would soon be released by the State Council There is no official comment The ban on the development of genetically modified seeds will complement another set of regulations regulating genetically modified crops, which was enacted on June 6 last year and will take effect on March 20 this year The regulations require that the trade, sale and production of genetically modified products must be approved by the government However, Beijing has not provided detailed rules for implementation, which leads to confusion among traders and trade obstruction In particular, soybean trade was affected Some people in the market think that these Regulations are to control trade after China's accession to the WTO China joined the World Trade Organization in December last year The draft government document indicates that China will also restrict foreign investment into the non-ferrous metals industry According to the document, the government will restrict foreign investment in joint ventures or other forms of small metal exploration and mining, including tungsten, tin, antimony and molybdenum China will also restrict foreign investment in the exploration and exploitation of precious metals, including gold, silver and platinum 4KP