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China makes rice price move
Source: Xinhua |
September 5, 2012, Wednesday
|
Print Edition
Print Edition
CHINA'S top economic planning agency yesterday said it will raise the minimum purchase prices for mid-season and late rice in 2012, as severe drought in the United States and other grain-producing countries has driven up food prices in the global market.
The minimum purchase price for mid-season and late indica rice will be raised to 2.50 yuan (39.40 US cents) per kilogram, up 16.82 percent from a year earlier, according to a statement by the National Development and Reform Commission.
Meanwhile, the minimum purchase price for japonica rice will be set at 2.80 yuan per kg, up 9.38 percent from last year.
The new prices will be effective in Jiangsu, Anhui, Jiangxi, Henan, Hubei, Hunan and Sichuan provinces and the Guangxi Zhuang Autonomous Region from September 16 to December 31. In northeast China's Liaoning, Jilin and Heilongjiang provinces, the new minimum purchase price for rice will be applied from November 16 to March 31, due to different climate conditions, the NDRC said.
According to the scheme, if the market price of mid-season and late rice remains below the minimum purchase price for three consecutive days, the state-owned China Grain Reserves Corp will intervene and buy the rice at the minimum purchase price.
Rice and wheat are the two biggest grain crops in China. Domestic grain output rose to 571.21 million tons last year, marking the eighth consecutive year of growth.
The country's policymakers have been encouraging farmers to plant more crops to ensure abundant food for China's 1.3 billion people, especially at a time when global grain prices have risen sharply due to the drought in the US and Russia.
The minimum purchase price for mid-season and late indica rice will be raised to 2.50 yuan (39.40 US cents) per kilogram, up 16.82 percent from a year earlier, according to a statement by the National Development and Reform Commission.
Meanwhile, the minimum purchase price for japonica rice will be set at 2.80 yuan per kg, up 9.38 percent from last year.
The new prices will be effective in Jiangsu, Anhui, Jiangxi, Henan, Hubei, Hunan and Sichuan provinces and the Guangxi Zhuang Autonomous Region from September 16 to December 31. In northeast China's Liaoning, Jilin and Heilongjiang provinces, the new minimum purchase price for rice will be applied from November 16 to March 31, due to different climate conditions, the NDRC said.
According to the scheme, if the market price of mid-season and late rice remains below the minimum purchase price for three consecutive days, the state-owned China Grain Reserves Corp will intervene and buy the rice at the minimum purchase price.
Rice and wheat are the two biggest grain crops in China. Domestic grain output rose to 571.21 million tons last year, marking the eighth consecutive year of growth.
The country's policymakers have been encouraging farmers to plant more crops to ensure abundant food for China's 1.3 billion people, especially at a time when global grain prices have risen sharply due to the drought in the US and Russia.
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