China May Phase Out Sugar Stockpiling Program, NDRC Says
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China, the second-biggest sugar consumer, may phase out a stockpiling program that boosted inventories to a record while failing to lift domestic prices, according to an official at the country’s top planning agency.
The effort cost the government almost $3 billion in the past two years, according to an estimate by Xinhu Futures Co. It may be partially replaced by direct subsidies to cane and beet farmers as early as the crop year beginning October 2014, said Zhao Lihua, a director at the economy and trade division of the National Development and Reform Commission.