China plans to continue stockpiling grain, edible oil and other commodities but will reduce its consumption of coal as it plans to tackle air pollution.
The country will spend 154.6bn yuan ($24.67bn) this year on its stockpiles, an increase of 33 per cent, the Ministry of Finance said in a report to the National People’s Congress under way in Beijing. Last year spending rose 22 per cent.
Low commodity prices give China an opportunity to build up its strategic reserves. The country imports roughly 60 per cent of the crude oil it uses, and has been building up its strategic and commercial reserves as oil prices have fallen about 50 per cent since last summer.
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