Official: China to curb speculation on agricultural products

16:48, May 25, 2010      

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China's National Development and Reform Commission (NDRC) will conduct a special campaign to enhance market supervision and struggle against speculation on agricultural products with related departments, today's Economic Information Daily quoted an official from the NDRC.

The price of grain products such as non-glutinous rice and corn, agricultural and sideline products such as garlic, mung bean and vegetables and Chinese medicinal plants such as notoginseng have increased violently since the first few months of this year in China.

This situation results from the drought in southwest regions and the influence of climate changes on low temperature weather in mid-east regions and also has close relation with a very few profiteers who are spreading rumors, hoarding and cornering with evil intent as well as bidding up prices in the agricultural and sideline market.

Zhou Wangjun, official from NDRC said during the slump in stock and real estate markets, hot money is prone to flow into the agricultural market. Since they currently are slightly short in supply, those agricultural products that can be preserved for a relatively long time are likely to be speculated on.

Zhou said the NDRC will gradually set up perfect pre-arranged supervision planning on abnormal price fluctuation on agricultural and sideline products, which are closely related to people's daily life.

Vegetable prices have generally fallen to a more normal level in the market since May when warmer weather came.

The monitoring center of NDRC analysis indicates that with the decreasing impact of abnormal climate and booming period of summer vegetables supply, prices in agricultural and sideline market will see a further fall.

NDRC predicted consumer price index in the second quarter will witness a moderate growth with a 2.5 percent average increase in the first half of this year.

By People's Daily Online


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