China Removes Price Controls on Several Agricultural Products

China Removes Price Controls on Several Agricultural ProductsPrices for 24 commodities and services were freed by China by removing all the price controls on agricultural products among other reforms that were planned by the country’s top economic planning agency. The National Development and Reform Commission has issued a document that allowed the market to decide prices of tobacco leaves which is the last agricultural product that is under the government price control.

China started liberating the farm produce market in 1978 and has only retained their regulatory role through State storage programs by maintaining minimum prices and handling out subsidies on several products. Then the announcement from the National Development and Reform Commission showed prices of bulk cargo, parcels and all privately funded cargo along with passenger transport are allowed to float freely.

Other reforms being made are prices of domestic air cargo, passenger transportation some airlines, fees on container loading, port service fees, ship rubbish treatment and water supply are also set by the market. These reforms are said to be effective and documents are passed on to related parties during the months of November and December even when it was only made public last Sunday.

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