Source: CCTV.com

12-04-2008 11:44

China is expanding its grain reserves. The country's State Administration of Grain says it will buy 14 million more tons of grain to expand temporary state reserves.

China is expanding its grain reserves. The country's State  Administration of Grain says it will buy 14 million more  tons of grain to expand temporary state reserves.

Earlier, China had announced plans to buy 16.5 million tons of grain. And the additional 14 million tons will push up the total purchase to 30.5 million tons. At the proper time, these stockpiles will be auctioned off in the wholesale market.

Meanwhile, the National Development and Reform Commission says China will invest 1 billion yuan to build state facilities for drying grains and storing edible oil and oilseeds. The investment is part of the country's stimulus plan to revive the economy. This will add new storage capacity of 964,000 tons of edibles oils and 1.34 million tons of oilseeds.

Editor:Xiong Qu