Beijing, March 5 - China will encourage soyoil imports to meet domestic demand, Vice Commerce Minister Wei Jianguo said Wednesday.
"We will encourage the imports of agricultural products that are in great need, including soyoil," Wei said on the sidelines of the ongoing Chinese People's Political Consultative Conference meeting.
China will encourage such imports with proper policies, Wei added, without elaborating.
Expected global edible oil supply shortage has pushed vegetable oil futures and cash prices to record high levels both domestically and on the Chicago Board of Trade.
There have been rumors in the market that China may cut edible oil import tariffs to help curb rising domestic prices.