Economy

Corn imports to help curb soaring prices: NDRC

(Xinhua)
Updated: 2010-07-31 09:38

BEIJING - China's National Development and Reform Commission (NDRC), the country's top economic planner, said Friday that corn imports will help curb soaring corn prices.

Related readings:  Rising demand likely to boost corn imports  Chinese corn traders fined for mkt manipulation  Reserves to keep corn in check

Domestic corn prices were higher than abroad this year, the NDRC said in a statement posted on its web site. The high corn prices were triggering concerns about speculation, given that such activity had led to unusual price soars in mung beans and garlic this year.

The regulator will strengthen inspections on the corn market and release more state reserve corn into the market in due time to keep sufficient supply, according to the statement.

In June this year, China imported 64,500 tonnes of corn, 12 times more than in May.

The corn imports will not harm Chinese corn growers given the low ratio of imports, the NDRC said.