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November 27, 2008

 

China to buy more grains, meat to boost reserves

 

 

China will buy more grains, cotton, edible oil and meat to boost reserves and stabilize domestic prices of agricultural products, a senior official said.

 

"The government asked state grain companies and other purchasers to buy (such commodities) to stabilize agricultural products prices and increase farmers' incomes," Zhang Ping, chief of the National Development and Reform Commission, said during a press conference.

 

A bumper domestic harvest of grains and other agricultural crops this year and tumble in global commodities prices have greatly pressured China's agricultural commodities prices.

 

The government has been buying crops such as soy, corn and cotton from the market to support local prices and protect farmers' interests.

 

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