China has said it will invest $400m in beef market sectors in Europe, adding that it will also expand its presence in other markets.
In an interview with China Daily, China’s State Administration of Food and Drugs said that the investment would help China’s beef industry to become a global player.
The state-owned agency said that beef markets will be integrated into the market infrastructure of China, which will allow beef producers to increase their sales and increase their market share.
The State Administration also said that it would expand its market presence to Europe by adding a market in the Czech Republic and by purchasing more beef from the UK, and to Russia and the European Union.
China has seen an increasing amount of demand for its beef exports.
According to the European Commission, beef exports rose by 9.4% in the second quarter of 2018.
China, a nation of nearly 300 million people, is one of the largest beef exporters in the world.
It has a beef industry of some 6.5 million employees.
