Source: CCTV.com

03-27-2008 11:23

On Wednesday, China promised to increase financial support for agricultural production as part of a broader effort to cool an inflation surge blamed on food shortages.

China promised to increase financial support for agricultural production as part of a broader effort to cool an inflation surge blamed on food shortages.

The State Council said this at an executive meeting chaired by Premier Wen Jiabao. The meeting said that reinforcing agriculture has a pivotal role in maintaining sound and fast economic development, curbing inflation and safeguarding stability.

It agreed that China would "immediately" increase the subsidies for farmers' purchase of production materials and seeds, and raise the government's purchase prices of grain. The announcement follows a string of efforts to end shortages of pork and other basic commodities that pushed the inflation rate to a near 12-year high of 8.7 percent in February.

 

Editor:Xiong Qu