The National Development and Reform Commission aims to have a new pricing system in place for farm products this year to gradually set benchmark prices for agricultural output, Xinhua reported Thursday. The new system is expected to subsidize low-income consumers when prices rise too high and producers when they’re too low. A pilot scheme will begin this year for specific produce and areas, with the state continuing to buy rice and wheat to support farmers when prices ebb. Agricultural subsidies will increase, the report said.
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