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| A reaping machine works in a field in Shanxi Province. China has had nine consecutive bumper harvests of summer grain production (Beijing Review/Zhan Yan) |
The rising cost of grain in the international market has forced China to take action to stabilize prices.
On August 13, the Department of Pricing of the National Development and Reform Commission (NDRC) ordered top grain and edible oil producers to establish a reporting mechanism to provide updates on post-production prices, wholesale prices and retail prices of edible oil.
Since July 24, the NDRC has been encouraging Yihan Kerry Group and COFCO Ltd., the two biggest edible oil producers, to stabilize prices for their lines of products.
The NDRC made two attempts in one month to regulate edible oil prices. Reporting mechanism on edible oil prices is the first step adopted by the Chinese Government to cope with soaring international grain prices.
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