China to strengthen commodity price controls in next five years

© Reuters/Jianan Yu FILE PHOTO: An employee monitors molten iron being poured into a container at a steel plant in Hefei

BEIJING (Reuters) – China will strengthen price controls of key commodities in its 14th five-year plan from 2021 to 2025, making plans to cope with abnormal fluctuations in the prices of items such as iron ore, copper and corn, the state planner said on Tuesday.

The National Development and Reform Commission said China would stick to its minimum purchase price policy framework for rice and wheat, ensure supply and stabilise prices.

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It added that it would adopt the pricing mechanism for pumped storage and promote price reforms in distribution and transmission of electricity.

(Reporting by Min Zhang, Hallie Gu, Muyu Xu and Shivani Singh; Editing by Clarence Fernandez)