In November 8th, Jingdong announced its commitment to purchase $2 billion worth of American goods in the next three years, including $1 billion 200 million worth of American beef and pork.
Jingdong and the United States respectively today (MSGA) Montana Stock Growers Association signed a $1 billion 200 million beef purchase agreement, also signed a purchase agreement and the United States Smithfield Foods pork, in general, the Jingdong promised in the next three years of purchasing $2 billion worth of American goods, types of goods widely.
American beef and beef products were banned in 2003, and finally returned to the Chinese market in June this year, announced by the United States and China in May 11th
Imports of American beef that was banned in China to increase imports from Australia, Uruguay, New Zealand, Brazil, Argentina and Canada in 1997 to 2014, the above 7 countries accounted for more than 95% of the total imports of beef in china. Related analysis pointed out that the opening of China's imports of American beef made the beef market more competitive.
Beef demand has been rising in recent years in the Chinese market. Customs import commodity value table in 2016 showed that in 2016 the amount of beef imports nearly 580 thousand tons, an increase of 22.4%, the value of 16 billion 600 million yuan. According to a report released in March this year by the US Department of agriculture, China's total consumption of beef this year will exceed that of the European Union after China surpassed Brazil in 2016. China's demand for beef will reach 13.28% of the global demand; the EU is 13.26%, Brazil is 12.77%; and the United States ranks first, accounting for 20%. However, China's per capita consumption last year was 5.6 kg, which is worse than other markets.