China's Ministry of Commerce has ordered local authorities to strictly control grain and fertilizer exports and to expand the storage of farm produce to ensure domestic supply, state media reports. The move comes as China seeks to stabilise national agricultural output and food supplies following a severe winter that could threaten harvest yields. Food prices in China have soared 21 per cent year-on-year so far this year, with further rises expected.
Provincial authorities have also been told to expedite the granting of
import licenses for edible oils, and to ease restrictions on importers
so they can purchase a greater variety of oil stocks. The government
has also decided to scrap export rebates for most grains and impose
export duties of between five and 25 per cent this year.
Xinhua news agency reports that an extra RMB25.25 bn was allocated from
the state food budget last month to subsidise farmers' purchases of
production materials.
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