Chinese stockpiles of agricultural commodities have hit historically high levels, complicating efforts to phase out a policy of state buying without causing a steep fall in prices, according to Beijing’s most senior agricultural adviser.
Government buying of cotton, wheat, corn, soya, sugar and rice at above market prices has encouraged farmers to grow strategic crops. But the practice has led to bloated warehouses, smuggling and an increase in cheaper imports.
China has amassed 60 per cent of the world’s cotton stocks, prompting an announcement by Beijing last year that it would release its cotton holdings.
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