BEIJING (AP) — China’s government announced plans Friday to build up a handful of large producers of infant formula in its latest effort to revive an industry that is reeling from a scandal over tainted milk.
Dairies will be encouraged to merge to form more competitive producers and will receive financial support, a Cabinet statement said. It said plans call for creating 10 producers by next year with at least 2 billion yuan ($300 million) in annual revenue and three to five by 2018 with revenue of 5 billion yuan ($800 million).
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