Wheat purchase price to rise as much as 15.3%
China’s top economic planning agency yesterday said it would raise the minimum purchase price for wheat by as much as 15.3 percent starting next year.
The move by the National Development and Reform Commission aims to boost rural income and grain output. The country of more than 1.3 billion people relies mainly on domestic food output.
By increasing grain purchase prices, the NDRC hopes to motivate farmers to boost agricultural production.
The government’s minimum purchase price for white wheat next year will be 0.87 yuan (12.7 US cents) per 500 grams, 13 percent higher than prices in 2008.
In addition, prices for red and mixed wheat will be set at 0.83 yuan per 500 grams, a rise of 15.3 percent.
The agency also pledged to raise subsidies for agricultural production materials, machinery and crop seeds. It will also raise reserves of fertilizer to ensure market supply and price stability.
The NDRC aims to grow China’s grain output capacity by 50 million tons.
Tags: farmer, food, grain, wheat
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