China’s policymakers have confirmed that the government will let domestic grain prices be decided by the market, with the state’s price support no longer playing a role.
The Chinese government’s support of agricultural crops, especially corn, has led to large build-up of inventories and the decision by Beijing to abandon the policy has been widely expected, although the timing of the actual implementation is still unclear.
Chen Xiwen, deputy director of the Communist party’s Central Rural Work Leading Group, is involved in setting China’s rural and agricultural policies and said that “the market should decide on the price”.
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