China lifts rice floor prices by more than 10 percent

China will lift minimum purchases prices for rice by more than 10 percent, the nation's economic planner said on Saturday in another step to shore up farmers' incomes. The National Development and Reform Commission, an agency that steers economic policy, said on its website (www.sdpc.gov.cn) the floor price for buying the main rice varieties from farmers will rise by 13 yuan ($1.90) for every 50 kilogrammes.
This will lift the price of early long-grain to 90 yuan ($13.2) for every 50 kilos and medium and late long-grain to 92 yuan ($13.5). Round-grain rice will rise to 95 yuan ($13.9). Faced with an abrupt economic slowdown, China is seeking to prop up farmers' incomes. The government increased grain purchases last year for state reserves to support domestic prices after a record grain harvest, the Xinhua news agency reported earlier this months.