See: China Milk Imports Forecast Strong, Dairy Australia Says.

FORBES: Got Milk? China Closes Hundreds of Dairy Farms after Tainted Milk Scandal

As rising wealth collides with a string of scandals over tainted food in China, prospective acquirers could also shop for premium processed foods abroad, including olive oil and meat and dairy products, such as cheese and yogurt, Ms. Pan said.

WSJ: Smithfield Deal Signals China's Need for Meat, Dairy, Other Food Buys

Li Yuanping, spokesman for the General Administration of Quality Supervision, Inspection and Quarantine, the industry watchdog, said at a news conference in Beijing on Saturday that 643 dairy producers, 55 percent of 1, 176 nationally registered, passed the AQSIQ inspection, China Daily reported.

FORBES: Got Milk? China Closes Hundreds of Dairy Farms after Tainted Milk Scandal