China food security: budget for grain reserves grows by 13.6 per cent amid self-sufficiency push
- Expenditure on grain reserves this year is projected to total nearly 132.9 billion yuan (US$19.2 billion), up from 113.6 billion yuan last year
- China aims to keep grain output above 650 million tonnes and ‘stabilise grain sowing acreage and ensure edible oil production’, says Premier Li Keqiang
China has pledged to boost the budget for its grain reserves this year as the government doubles down on food security amid global market uncertainty.
The central government will increase spending on reserves of grain, including oilseeds, by 13.6 per cent, according to a draft budget report released by the Ministry of Finance on Sunday.
Expenditure is projected to total nearly 132.9 billion yuan (US$19.2 billion) in 2023, up from 113.6 billion yuan last year.
Spending on food reserves ranged between 110 and 120 billion yuan from 2020-22, with the annual budget allocation increasing by under 2.3 per cent over the period.
“Increasing reserves is improving the government’s regulatory ability. It’s a measure to tackle all kinds of risks and uncertainties amid growing geopolitical tensions,” said Li Guoxiang, a researcher at the rural development institute under the Chinese Academy of Social Sciences.
