China To The Rescue
China has unveiled an ambitious $26 billion support program aimed at boosting domestic commodity reserves and supporting its local economy in the face of the global recession.
The county's Finance Ministry has said it will raise it's spending on reserves of grain, edible oils and other materials like steel by 61% to over 178 billion yuan ($26 billion).
The bulk of that will go on agriculture, where it will increase spending by 120 billion yuan ($17.5 billion) and raise the minimum wheat price by 0.22 yuan (13%), it said.
"We will stabilise the prices of major agricultural products, such as grain, edible vegetable oil, cotton, sugar and hogs, through a combination of control policies, including raising price floors, manipulating reserves, temporary purchasing and stockpiling, shipping to other regions and exporting and importing," they said.
Now that's what I call a support program. They might have an appalling human rights record, but at least they can make the buses run on time. Well in China!
The county's Finance Ministry has said it will raise it's spending on reserves of grain, edible oils and other materials like steel by 61% to over 178 billion yuan ($26 billion).
The bulk of that will go on agriculture, where it will increase spending by 120 billion yuan ($17.5 billion) and raise the minimum wheat price by 0.22 yuan (13%), it said.
"We will stabilise the prices of major agricultural products, such as grain, edible vegetable oil, cotton, sugar and hogs, through a combination of control policies, including raising price floors, manipulating reserves, temporary purchasing and stockpiling, shipping to other regions and exporting and importing," they said.
Now that's what I call a support program. They might have an appalling human rights record, but at least they can make the buses run on time. Well in China!
