China will strengthen price controls on iron ore, copper, corn and other major commodities in its 14th five-year plan for 2021 to 2025 to address abnormal fluctuations in prices, the state planner said on Tuesday.
Reuters reports the National Development and Reform Commission (NDRC) said in a statement that the country will also step up monitoring and analysis of commodity prices such as crude oil, natural gas and soybeans.
The NDRC also said authorities would “reasonably adjust cotton target price levels” and stick to the country’s minimum purchase price policy framework for rice and wheat, it said. The government buys these grains from farmers at a minimum price when the market drops below that level.
The move comes as Beijing prioritizes guaranteeing food security for its population of 1.4 billion.