"Corn imports currently are conducted by enterprises, not at the needs of the government in ensuring domestic supplies," Zeng Liying, deputy director of the State Grain Administration, told state media.
"Whether corn trading companies will import more is largely decided by their needs and market prices," Zeng told the People's Daily (Overseas Edition), when asked about the possibility of more imports.
China, the world's second-largest consumer, has imported the largest volume of corn in years as tight supply pushed domestic prices higher.
Zeng said the administration was closely watching corn price movements and would control the rise at a reasonable and steady level. She reaffirmed that the country held ample reserves, which can ensure supply, and China has had a bumper harvest this year.
She made similar comments in September, which failed to drive down prices <0#DCC:>, which repeatly hit a record level over past weeks, in anticipation of tight domestic supplies.
The government vowed this week to intervene to control consumer prices and crack down on speculation of corn, which has helped push up the country's inflation to a 25-month in October. The government will also shut down corn processors which are built against government regulations. [ID:nSGE6AH00A]
Beijing has restricted expansion in the processing industry in past years to ensure supplies to animal feed producers.
(Source: http://news.alibaba.com/article/detail/agriculture/100417354-1-more-china-corn-imports-decided.html)
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