On December 18th, 2007, Guangxi Commission of Development and Reform issued the notice on Reporting Industrial Short-term Sugar Stock Plan in 2007/2008 campaign. The Notice points out that for application for industrial short-term stock, it should be a large-scale enterprise group that paid back loans for industrial stock in time in 2007, has good fame, positive efficiency and capability. The commission shall join in hands with Nanning Center Sub Branch of the People?s Bank of China and commercial banks to implement the industrial short-term sugar stock plan and to adjust funds for loans. Enterprises may apply to banks for loans according to mortgage or guarantee methods accepted by commercial banks and the Agricultural Development Bank. Risks, interest and cost from the industrial short-term stock are shared by the companies and enterprises, and the term is half year. The local commission of development and reform would collect the applications from the local large-scale enterprise groups and report to the provincial authority before December 25th, and the large-scale enterprise groups that are directly under the provincial jurisdiction would report their plans to the Division of Economy and Trade of the Provincial Commission of Development and Reform before December 25th.

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Preface 4

News Flash 4

2337.5 Tons Saccharin Sold to Domestic Market till End of October, down by 19.3% from Same Period Last Year 4

Sugar Import and Export via Different Methods till End of October 4

Sugar Output and Sales in Key Sugar Producers by the End of November 5

Growing Production of Food with Sugar Content from January to November 2007 5

Impact from Draught to Cane Production in Guangxi in 2007 5

Industrial Short-term Sugar Stock Plan in Guangxi in 2007/2008 6

News & Analysis 7

1.07 Million Tons Sugar Production till End of November 2007, 633,500 Tons Sold 7

Regional Production 8

Macro Control from Government 9

Substantial Growth of Sugar Output and Consumption, Making Supply Exceeds Demand in 2007/08 Season 10

Comparison of Domestic and International Sugar Prices in December 2007 11

Price Trend 13

Import&Export 16

Sugar Import Fell and Export Rose Slightly in November 2007 over Same Period 2006 16

About BOABC 19