According to the Chinese state planner, China has raised the mininum purchasing price for wheat in 2022.
The National Development and Reform Commission, indeed, has set the 2022 minimum purchase price for wheat at 2,300 yuan ($357) per tonne, up from 2,260 yuan per tonne in 2021.
China buys wheat from farmers at the minimum price when the market price drops below that level in order to support food production.
The move came amid a renewed policy focus on food security from the government which intend guide farmers to plant reasonably, strengthen management in the fields, and promote stable production and improve the quality of the grain.
Consequentially, Beijing will take greater efforts to boost grain yields, step up support for its domestic seed industry and implement strict land protection measures, all part of a push on food security after the COVID-19 pandemic. ($1 = 6.4347 Chinese yuan renminbi).