China to subsidise corn processors US$22 per tonne

China Ministry of Finance plans to subsidise corn processors that tap the government corn reserves, the ministry said in a statement on the ministry Web site.

Corn processors in the major producing areas of Liaoning, Jilin and Heilongjiang provinces and the Inner Mongolia Autonomous Region are eligible for a subsidy of RMB150 (US$22) for each tonne purchased, the ministry said Monday (Sept 14).

The central government will provide the funds the subsidy, which will be apportioned to local governments, it said.

The ministry said the move would help clear corn reserves and boost processors output.