China to further release metal reserves to ease commodity price hikes
China will further release its state reserves of copper, aluminum and zinc to ensure stable prices of commodities and ease cost pressure on firms, the country's top economic planner said Thursday.
The National Development and Reform Commission will work with other departments to release the nonferrous metal reserves in multiple batches as needed in light of market price changes, said Meng Wei, a spokesperson with the commission.
The National Food and Strategic Reserves Administration on Wednesday announced that it would release national reserves of copper, aluminum and zinc via public bidding.
The release will be open to nonferrous metal processing and manufacturing enterprises, and small and medium-sized enterprises will be favored in participating in the bidding, Meng said.
The commission has taken various measures to rein in market speculation and correct the overly high commodity prices, Meng said, adding that price declines have been seen in commodities including iron ore, steel and copper.
Chinese authorities recently unveiled a slew of measures to ensure a solid market supply of staple goods together with price stability.
The NDRC, together with five other government bodies, has jointly released a guideline on fostering the price-control mechanism for important goods related to people's livelihoods. A work plan has also been released to improve the mechanism for adjusting pork reserves.
The top economic planner has also rolled out new rules to manage price indexes for important goods and services, to take effect on Aug. 1 this year.
The policy mix on price stability focuses on both the long-term mechanism and urgent problems, which is conducive to ensuring the stable supply and prices of bulk commodities and preventing price hikes from affecting people's livelihoods, Meng said.
Going forward, efforts should be made to closely monitor the market and price changes, maintain the balance between supply and demand, and strengthen the supervision of futures and spot markets, Meng added.