Business / Policy Watch

China to scrap salt monopolies

( Updated: 2014-11-20 14:28

China will put an end to salt monopolies, a policy that has existed for thousands of years since the ancient dynasties, said CCTV on Thursday.

The latest reform includes banning the licensed table salt monopolies, liberalize the price control, improve salt reserve system, and enhance competitiveness within the industry.

According to CCTV, the policy will be implemented from 2016.

China is currently the largest salt-consuming nation due to its expanding chemical industry and the dietary needs of its nearly 1.4 billion people, with an overall consumption of one-quarter of the global total.

The country is projected to be the largest salt importer in the world, according to British-based Roskill Information.

Morton Salt, the largest salt producer in the United States, announced in October that it is expanding its product offerings and capabilities in China through a reinforced collaboration with China National Salt.

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