Economy

China to raise minimum purchase price for wheat

(Xinhua)
Updated: 2010-10-12 21:39

BEIJING -- China's top economic regulator said Tuesday it would increase the state minimum purchase price of wheat in major wheat-growing areas in 2011.

The National Development and Reform Commission (NDRC) said in a statement on its website the minimum purchase price for white wheat will increase by $5 yuan (0.73) from the 2010 level to 95 yuan per 50 kilograms.

The price for red wheat will increase by 7 yuan to 93 yuan.

The move will protect farmers' income and promote grain production, the NDRC said.