Coffee Industry Board launched in Shanghai, bean price index mooted

A Coffee Industry Board has been launched by the Chamber of International Commerce Shanghai to boost development of the city's coffee industry and unveil a coffee bean price index next year.

The new board aims to cooperate with well-known coffee industry associations, enterprises and other organizations from both home and abroad in facilitating trade, cutting costs and helping high-quality coffee products to enter the Chinese market.

As the core business platform of the Coffee Industry Board, Shanghai PHQ Coffee Trade Center will soon issue its coffee bean price index, likely in the first half of next year, said Zhou Minhao, chairman of the Chamber of International Commerce Shanghai.

The PHQ trade center "will cover the whole industry chain from seed to cup and strive to become an influential coffee bean exchange in the world," said Zhou.

The Coffee Industry Board will provide support in financing, coffee planting, sales, warehousing and logistics.

"The board will become a professional institution to promote the coffee trade and exchange different coffee cultures," said Lei Miao, chairman of the new board.

China has become one of the world's largest coffee consumers. Coffee is no longer just a refreshment or anti-fatigue drink, but rather a lifestyle that many young Chinese are fond of.

A recent survey showed that there were more than 8,200 coffee shops in Shanghai at the end of October, making it the city with the most coffee shops in the world. Shanghai also has the highest per capita coffee consumption in China.