Bulgy governmental package to slice commodity prices

08:48, November 17, 2010      

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The National Development and Reform Commission (NDRC) will side up with local governments to launch a package of measures in aims to put a brake on commodity prices, which keep growing as if uncontrolled, according to the China Securities Journal report Tuesday.

With other antecedents, the package may consist of adopting administrative measures to crack down on hikes upon continual or fast pace of price growth. In addition to that, they (governments) will have to put on efforts to prevent the self-sufficiency rate of vegetables from being too low, among other minor collaborations like subsidy policies.

Stricter punishments will be given to speculators of farm products, in particular the corn and cotton, the source disclosed.

The data from the National Bureau of Statistics (NBS) showed that China's consumer price index (CPI) grew 4.4 percent year-on-year in October, 0.8 percent higher than it did in September, and hitting a 25-month high. According to the data, in October, food prices grew 10.1 percent.

To cope with rising commodity prices, several local governments, including of Guangzhou, Sanya, and some areas in Zhejiang Province have kicked off the subsidy policy to low-income individuals. And Wuhan has been the latest to do so, by offering 30 yuan ($4.52) to those who, by the simple rise in commodity prices, have their lives disrupted.

Source: Global Times


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