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Government OKs 1b yuan for food storage

By Fu Yu (China Daily)
Updated: 2008-12-03 21:59

The Chinese government has authorized 1 billion yuan to support Chinese Central Food Reserve Management companies.

The National Development and Reform Commission said on its official website that the money is earmarked for acquiring the edible oil and its raw material storage equipment in the southeast coast areas and for building grain drying facilities in the northeastern part of China.

These investments will play a significant role in safeguarding the nation's food security by improving the commodity storage system. They are also expected to generate an additional 1.8 billion yuan in related investments by the commercial sector.

The investment will be made to help China Reserve Grains Corporation, China National Cereals, Oils and Foodstuffs Corp (COFCO) and China Grains Logistic Corporation to build new grain drying facilities.