Beijing News recently reported that the City of Beijing just announced and deployed an emergency response plan to balance the city’s grain and oil market. This is another emergency market control plan for life’s necessities, after the pork market and the vegetable market. As a “mega consumer city,” Beijing’s goal for the new emergency plan is to ensure that the market prices of grain and oil related products are controlled to be within certain ranges. The plan aims to control the price adjustments in the wholesale market. Based on past statistics, Beijing’s wholesale price fluctuations are typically more severe than those of the retail prices. The plan is to reflect the concerns related to the mid-to-long term impact under the complex domestic and international market pressure. Starting in 2013, Beijing established price control emergency funds within the government budget.
Source: Beijing News, May 13, 2019