The State Administration of Grain and Agricultural Bank of China are required by the National Development and Reform Commission to monitor China’s grain reserves along with China Grain Reserves Corp. (Sinograin), the 21st Century Business Herald reported Thursday, citing a spokesperson for Sinograin. The move follows series of corruption scandals at Sinograin recently, the report said. At present, Sinograin is the main entity that manages the state grain reserves. Under the new regime, grain administration authorities will monitor the implementation of China’s food policies while Agricultural Bank will mainly regulate the use of the grain reserve related loans, the report said.
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