China to stockpile 1m tons of sugar

Updated: 2012-02-09 11:18


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BEIJING - China plans to buy 1 million tons of home-produced sugar for state reserves in an effort to stabilize prices and protect the interests of farmers, the National Development and Reform Commission (NDRC) announced Wednesday.

The stockpiling work will be divided into several batches, and the first batch, which includes 500,000 tons, will begin on Friday through competitive bidding, according to a statement on the NDRC's website.

The base purchase price is set at 6,550 yuan ($1,039) per ton, said the statement.