China’s central government is planning to build another 50 million tons of granary capacity to house stockpiles of domestic crops bought up on state orders to guard against a perceived threat of shortfall and subsidize farmers’ income, Caixin reported. Despite falling international prices China has reported grain production growth for the past 11 years, and grain stockpiles could hit 300 million tons by the end of the year according to Ma Wenfeng, an analyst at Orient Agribusiness Consultant. (For more on China’s obsession with grain self-sufficiency, see our in-depth report.)
China Economic Review