March 5, 2015 / 12:50 AM / 3 years ago

China says to spend 33 percent more on grain stockpiling

BEIJING (Reuters) - China’s Finance Ministry said the country will spend 154.6 billion yuan ($24.66 billion) on stockpiling grains, edible oils and other materials in 2015, a rise of 33 percent on the year.

Beijing will also maintain minimum purchasing prices for wheat and rice in 2015 and target total grain output at more than 550 million tonnes, the National Development and Reform Commission said separately on Thursday.

The NDRC said in its report published during the opening of the full session of parliament that it would also return 667,000 hectares of agricultural land to forest and grassland in 2015 in a bid to improve the environment.

($1 = 6.2701 yuan)

Reporting by Dominique Patton; Editing by Ed Davies

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