Grain,cot­ton im­ports must be re­stricted: of­fi­cial

China Daily (Canada) - - NEWSCAPSULE -

China must re­strict largescale grain and cot­ton im­ports and crack down on smug­gling ac­tiv­i­ties to ease the pres­sure on the coun­try’s record-high grain in­ven­tory rate, the head of China’s agri­cul­tural pol­icy bank said.

Zheng Hui, pres­i­dent of the Agri­cul­tural De­vel­op­ment Bank of China(ADBC) and a mem­ber of the Chi­nese People’s Po­lit­i­cal Con­sul­ta­tive Con­fer­ence Na­tional Com­mit­tee, said China’s high growth rate of grain yield and min­i­mum grain pur­chase-price mech­a­nism have pushed the govern­ment to seek more space to store do­mes­tic grain and cot­ton.

The in­ven­tory amount over­seen and sup­ported by ADBC’s loans for grain, cot­ton and ed­i­ble oil-pro­cess­ing en­ter­prises rose by 35 mil­lion met­ric tons from 2000, the last peak year for ex­ces­sive grain re­serves, to this year. It holds 88 per­cent of China’s to­tal in­ven­tory for agri­cul­tural prod­ucts. (Photo 1)

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