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Massive grain surplus not new normal, official says

By Xu Wei | China Daily | Updated: 2016-04-27 08:07

A large inventory will not be the new normal for China's grain sector, even though combined stocks have remained at historic highs, a senior official said as authorities prepared to encourage more private enterprise participation in the annual grain purchase arrangement.

Ren Zhengxiao, head of the State Administration of Grain, said at a news conference on Tuesday that there are no signs of consistency or stability in the country's large grain inventory, which could be reduced promptly if there were to be a sudden decrease in production or resurgence in economic growth.

With large stocks of grain and a shortage of storage facilities, the administration plans to encourage more private enterprises to take part in the summer and autumn grain purchase arrangement.

Massive grain surplus not new normal, official says

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