An In-depth Assessment of China's Market in Regards to Genetically Modified Food Essay

An Assessment of Chinas Market inRegards to Genetically Modified FoodThis paper will provide an overview of the potential market for genetically Modified Food (GMF) in China. The China Genetically Modified food market is rapidly becoming one of the largest in terms of production, consumption, export and import prospects.China has the largest population in the world. It is home to 1.3 billion people or 20 of the world's total population and is likely to exceed 1.4 billion by 2050 (Population Reference Bureau, 2002). China's gross domestic product (GDP) is growing about 8 times as fast as the population. With inflation currently under control (projected to be about 5 in 1997), real income per capita is increasing rapidly. In addition the official policy of the Chinese government has been to promote biotechnology as one of the national priorities in technology development since the1980s (SSTC, 1990 Huang, Rozelle, Pray and Wang, 2002). China is an important destination for US agricultural exports and has an ever-increasing demand for western-style convenience foods. In addition Chinese consumers have a favorable attitude towards GM food and in some cases willing to pay a premium for such foods (In press). Finally, farmers are in favor of the use of biotechnology to grow pest-resistant crops which requires fewer chemicals (Environics International, 1999). Combine that with import restrictions in EU countries, china has the potential to be a great market for GM food products. In the past decade the advancement of recombinant DNA technology along with genome sequencing for hundreds of different organisms has lead to many new products. These new "genetically engineered," products slowly are becoming intergraded in our daily lives. Genetically modified food (GM) is a special set of technologies that alter the genetic makeup of such living organisms as animals, plants, or bacteria (Wikipedia, 2005).Today genetically engineered food is subject to a wide controversy. There are the unknown environmental and health consequences of GM crops (McFadden, 2005). On the other hand, GMOs...

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