October 21, 2008


China to increase wheat purchase prices by 15 percent

China will raise the minimum purchase price for wheat by up to 15.3 percent in 2009 to increase grain output and rural incomes, according to the National Development and Reform Commission (NDRC).


Prices for red and mixed wheat will be raised by 15.3 percent to RMB 0.83 per 500 grams, while white wheat prices will be boosted by 13 percent to RMB 0.87 per 500 grams, the NDRC said. 


Next year, China will also increase subsidies for farmers buying production machinery, seeds and other materials. Fertiliser reserves will also be increased in the low season, and the measures are expected to help ensure supply and maintain stable market prices.


In addition, China also plans to sharply increase agriculture investments, accelerate buildings of related infrastructure, and expand grain production capacity by 50 million tonnes.

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