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BEIJING, April 19 (Reuters) - China will work off its corn stockpile in the next three to five years, said an executive at one of the country's top corn processing firms on Wednesday, as firms ramp up processing capacity to use up the grain.
China National Cereals, Oils and Foodstuffs Corp (COFCO) will boost its annual corn processing capacity to more than 10 million tonnes by 2020 from 6 million tonnes currently, said Tong Yi, general manager of COFCO Biochemical, on the sidelines of a conference.
China's total corn processing capacity will hit 70 million tonnes by the end of 2018, up from more than 50 million tonnes currently, he added. (Reporting by Hallie Gu; Writing by Dominique Patton; Editing by Christian Schmollinger)