Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
Grain supply 'sufficient' to meet demand
Adjust font size:

The country has ample grain reserves to meet consumer demand and help stabilize prices during the coming festive period, the State Grain Administration said yesterday amid high inflation and an expected increase in holiday spending.


"China has stored enough grain to fully meet market demand," Zeng Liying, the administration's deputy director, said on the government's website


Her statement came amid expectations that the coming 50-day festival season, spanning Christmas, New Year and the Spring Festival, might spur the consumption of grain, food, meat and cooking oil, and in turn fuel inflation rises.


The government has recently introduced a slew of measures aimed at cooling food prices and inflation.


This week, it scrapped the 13 percent tax rebates on wheat, corn, soybean and flour products, while exports of corn and wheat were halted in the second half of the year to ensure domestic demand was met.


This month, the central government ordered 36 major cities, including Beijing, Shanghai and Guangzhou, to each maintain a minimum 10-day reserve of food and cooking oil supplies, to help ensure market stability amid rising food prices.


The authorities also started selling State reserves of corn and wheat earlier this year to meet domestic demand and control prices. It sold 500,000 tons of corn from its reserve this week, following a similar move last week.


"All the measures are being taken to fight rising consumer prices," Zeng said.


China's inflation rate reached 6.9 percent last month, the highest in 11 years. Food prices, which make up a third of the consumer basket, rose 18.2 percent.


Xiao Meiling, a 50-year-old housewife from Deyang in Sichuan Province, said: "The festive period has already fueled a spike in food and cooking oil prices."


She said the price of a 5 kg bottle of cooking oil has risen by about 8 yuan ($1.08) in the past 10 days.


"This is because more and more shoppers have thronged to the supermarkets, as the holidays approach," Xiao said.


Zeng reiterated that the domestic supply of agricultural products remains steady.


"The country's grain harvest is expected to exceed 500 million tons this year, rising for the fourth consecutive year," she said.


She said the country's ratio of grain reserves to consumption is also much higher than international standards, but did not elaborate.


"China has reached a balance between grain supply and demand," Zeng said.


"This year's harvest plus the rich reserves will fully meet the demands of the domestic market."


(China Daily December 21, 2007)


Tools: Save | Print | E-mail | Most Read

Username   Password   Anonymous
China Archives
Related >>
- More efforts to protect grain crop
- Grain production expecting to top 500 mln tons in 2007
- Country is able to meet grain needs
- Grain price hikes set to continue
Most Viewed >>
-China set to hit the brakes on rising yuan
-Power to resume shortly in worst-hit area by snow
-Online operators are on top of the game
-Macao's gaming market expands further
-Insurance firms set to stump up billions

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © All Rights Reserved E-mail: Tel: 86-10-88828000 京ICP证 040089号