CHINA will step up buying of soybeans for state reserves as part of policies to stabilise production in 2023, the Ministry of Agriculture and Rural Affairs said on Thursday (Mar 16).

It will “guide China Grain Reserves Group to set up new plans to buy domestically produced soybeans in key producing regions Heilongjiang province and Inner Mongolia,” the ministry said in a statement.

China will also increase subsidies for soybean and corn producers and guide regions in northeastern China to set rational subsidy standards and to stabilise production.

Other policies include to increasing incentives for major grain-producing counties and to develop coordination between production and sales. REUTERS