China has pledged to distribute another RMB 10 billion ($1.5 billion) in subsidies to grain farmers, to help bring down the soaring cost of production as part of the government’s latest attempt to manage the impact of rising commodity prices, reports the South China Morning Post.
The one-off subsidies aim to support summer harvest and autumn sowing, state broadcaster CCTV reported on Sunday, citing a decision by the national cabinet – the State Council.
This comes as China looks to ensure farmers are incentivised to keep producing food for the world’s most populous nation. In March, Beijing said it would provide RMB 20 billion from the central government budget to protect grain growers from rising prices of farming supplies.