China will raise minimum purchase prices of wheat and rice this year, continue to implement policy on purchasing and stockpiling corn, canola seeds and sugar on an ad hoc basis, according to government report

Nevin Barich

BEIJING , March 5, 2014 (Xinhua News Agency) – China will raise the minimum purchase prices of wheat and rice this year, and continue to implement the policy on purchasing and stockpiling corn, canola seeds and sugar on an ad hoc basis, said a government work report delivered by Premier Li Keqiang at the parliament's annual session Wednesday.

The country will consider the introduction of a system of guaranteed base prices for agricultural products, under which subsidies will be given to producers when market prices are too low and to low-income consumers when market prices are too high, according to the report.

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