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China to Raise Wheat, Rice Procurement Prices, Herald Reports

Jan. 24 (Bloomberg) -- China will encourage the consolidation of fragmented rural land holdings and raise minimum state procurement prices of wheat and rice this year, the 21st Century Business Herald reported, citing an annual government policy paper.

The government will adjust import and export duties as necessary and diversify sources from overseas as it continues to boost supplies of agricultural products and will stockpile corn, soybeans, rapeseed, cotton and sugar when required, the newspaper said, citing the Communist Party’s “No. 1 Document,” which has yet to be released.

The government will still help family-run farm businesses and aims to channel urban capital into area such as food-processing rather than into industrial-style farms, the newspaper said, citing Chen Xiwen, deputy head of the Central Rural Work Leading Group under the State Council.

To allow for the migration of freed-up rural labor to urban areas, the government will loosen restrictions over residency rights and set minimum standards for wages, public health, family planning and housing, the newspaper reported, citing the document.

To contact Bloomberg News staff for this story: William Bi in Beijing at wbi@bloomberg.net

To contact the editor responsible for this story: Brett Miller at bmiller30@bloomberg.net

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