China to strengthen commodity price controls in five-year plan

China will strengthen price controls on iron ore, copper, corn and other commodities in its 14th five-year plan for 2021 to 2025 to address abnormal fluctuations in prices, the state planner said on Tuesday.

China will improve monitoring and forecasting systems for major commodities and strengthen price controls for important goods such as grain, meat, eggs and vegetables, the National Development and Reform Commission (NDRC) said.

It will also stick to the minimum purchase price policy framework for rice and wheat, it said. The government buys these grains from farmers at a minimum price when the market drops below that level.

The move comes as Beijing prioritises guaranteeing food security for its population of 1.4 billion.

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