8 April, 2008 – The Chinese authorities have moved to quell any fears that the rice price hikes that are causing panic throughout Asia have affected them.
The Ministry of Commerce (MOC) said today that the domestic Chinese market has so far escaped the soaring prices felt across the globe.
It said thanks to good recent harvests from the North-eastern Heilongjiang province, which accounts for 40% of the country’s output, there are reserves of up to 200 million tonnes which they say will keep prices stable for the moment.
The MOC said Thai rice on sale in the south of China was selling at only a fraction higher now than during the Spring Festival in February and claimed domestic rice prices had even fallen slightly in recent days.