Government to buy sugar to maintain prices

The State Council, China's cabinet, has approved plans to purchase domestic sugar from July 27 to maintain stable market prices, China Securities News (in Chinese) reported. The central government will initially set the target of purchasing 300,000 tons of sugar produced after October 2006 at US$462 per ton, including taxes. The purchase will take place through public bidding and the sugar should meet the national GB-2006 quality standard.