(Yicai Global) May 30 -- China will allocate an extra 10 million mu (670,000‬ hectares) of land to plant soybeans this year bringing the total to 133 million mu, Economic Daily reported today.

China aims to have 140 million mu land for soybean planting and increase its soybean self-sufficiency by 1 percentage point by 2020 and the area will rise to 150 million mu by 2022.

China will see a fourth-consecutive year of growth in soybean planting land this year thanks to supporting policies. 

The country encourages soybean processors to to sign production orders with major soybean-producing counties to spur development.

China imported 95.5 million tons of soybeans in 2017, making up 73.1 percent of total grain imports that year and 87 percent of total soybeans in the country, according to customs data.