China has launched a market in its glutinous rice to help flood-prone farmers avoid the risks of drought.
The Chinese government says the glutinous grain can be made into a ready-to-eat food item and sold to farmers in China’s flood-stricken regions.
It is the latest sign of the rapid rise of China’s rice market and the global rise of its domestic rice market.
In the past year, it has become the biggest market for the staple grain in the world, overtaking India and Brazil.
China has been buying grain from rice-producing countries for centuries, mainly for domestic consumption.
The glutinous varieties have become popular with China’s middle classes, who have been able to buy the rice at lower prices because of a surge in rice prices during the pandemic.
It comes after the government of the People’s Republic of China announced last year it was raising its official wheat price to $1.20 per kilogram.
This is not the first time China has opened its rice markets to flood-affected farmers.
In March, it announced plans to allow farmers to sell rice and other products in the glutous rice market, which will now be overseen by a central committee, the China Daily reported.
The government also announced that it would set up a special committee to monitor and monitor rice exports.
The plan is to use the funds to support the country’s flood mitigation efforts, the report said.