ABSTRACT
Much of the analysis in this book is concerned with ways by which the cattle and beef industry can shift its focus from low value, localised markets towards higher value markets that often extend well beyond local borders. In order for more developed markets to function efficiently, more sophisticated, rule-based market support systems need to be in place. As the number and the sophistication or transactions increases, China has a strong incentive to build modern rule-based market support systems. China's cattle and beef industry, therefore, currently faces a dilemma. More sophisticated market support systems are required to develop the industry, but these cannot be justified or sustained at current levels of industry development. Information plays a key role in the efficient functioning of markets and allocation of resources. Statistical collection methods in rural China have not changed fundamentally from the planning era and are struggling to keep pace with developments in the contemporary rural economy.
