China will continue to implement the state stockpiling policy for rice in major producing areas this year in an effort to protect farmers' interest, the National Development and Reform Commission said on its website Tuesday.
The floor purchase prices for early indica rice, middle and late-season indica rice, and japonica rice are set at 2,660 yuan/metric ton (tonne), 2,760 yuan/tonne and 3,100 yuan/tonne respectively, in 2016.
China has set minimum purchasing prices for grain, including wheat and rice, since 2004. Under the scheme, the government buys grain from farmers at the state-set price when the market price drops below it.
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