China to Purchase 420 Million Tonnes of Grain in 2024, Strengthening Food Security

China's commitment to ensuring national food security is set to reach new heights in 2024, with state-owned grain reserve enterprises poised to purchase approximately 420 million tonnes of grain. This marks the second consecutive year that China's grain purchase volume surpasses the 400 million-tonne milestone.

At a recent national work conference on food and strategic reserves, officials highlighted the enhanced organization and coordination of grain purchasing. Multiple measures have been implemented to streamline the channels through which farmers can sell their grains, ensuring a smooth and efficient process.

Central to these efforts is the policy of setting a minimum grain purchase price, which plays a crucial role in China's macro-control measures. This strategy not only safeguards the country's food security but also stabilizes food prices, protects farmers' interests, and guarantees supplies during emergency situations.

Autumn grain purchases are currently in full swing, with corn buying reaching its peak in the northern and northeastern regions of the country. Liu Huanxin, head of the National Food and Strategic Reserves Administration, emphasized that as reserves continue to grow, the scale of China's grain storage facilities has also expanded annually, effectively meeting the nation's storage needs.

By the end of 2023, the capacity of standard warehouses in good condition nationwide exceeded 700 million tonnes, marking a 36 percent increase compared to 2014.

In addition to robust purchasing efforts, China's grain output has reached a record high of 706.5 million tonnes in 2024, reflecting a 1.6 percent increase from the previous year. This achievement signifies the first time the country has recorded a grain harvest exceeding 700 million tonnes, according to data from the National Bureau of Statistics.

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China's grain purchase expected to reach 420 million tonnes in 2024

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