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On November 15, the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) issued the trial reform measures for regulating the inspection and quarantine for the futures delivery of imported soybean. In order to accelerate the implementation of the policy, based on the requirements of the AQSIQ, Liaoning Entry-Exit Inspection and Quarantine Bureau (Liaoning Bureau for short) and Dalian Commodity Exchange (DCE) jointly held the road show for the regulation on the inspection and quarantine for imported futures soybean on December 7, interpreted the reform measures, and performed walkthrough to test the specific soybean delivery procedures and the planned contract rule amendment.
According to Pan Cheng, director of Liaoning Bureau, for the next step, the inspection and quarantine authority will continue to work with DCE to accelerate the development and testing of the “imported soybean futures regulatory information system” and complete the integration of the AQSIQ permit approval system, the spot goods logistics regulation system, etc., formulate effective plans for supervision over the spot goods logistics and adopt various means such as GPS tracking to monitor the logistics of the imported soybean participating in futures delivery, to ensure that the epidemics will not spread and the flow directions can be monitored. The contract and rules of the No. 2 Soybeans futures will be revised and improved with innovation in the delivery system, in order to provide further convenience for both buyers and sellers participating in the futures delivery.
Attending the meeting were more than 80 representatives of the animal and plant department of AQSIQ, the 15 inspection and quarantine bureaus directly under AQSIQ including Liaoning Bureau, DCE, spot soybean enterprises and investment institutions. Specifically, the spot soybean enterprises attended the meeting totaled more than 50 million tonne of imports, accounting for 61% of China’s annual soybean imports.
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