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China to subsidize corn-processing enterprises

(Xinhua)
Updated: 2009-09-15 16:36

China's corn products producers who use  the nation's reserves will be subsidized by the government, the Ministry of Finance (MOF) said Monday.

China is to sell stored corn to enterprises producing corn products in Liaoning, Jilin and Heilongjiang provinces and the Inner Mongolia autonomous region.

Related readings:  Reserve corn auction to rein in price hikes  Costly corn pushes up beef prices  Corn futures looking good  Corn won't be used for bio-fuel in 5 yrs

The subsidies, to come from the central budget, will first be channelled from central government to local governments who will allocate funding to individual enterprises.

The MOF said the move aimed to increase the rate of operation of China's corn-processing enterprises, and to clear a space at corn reserves.

Enterprises are expected to receive 150 yuan ($21.96) for every ton of corn they process.