China to stabilise supply, prices of key commodities through release of reserves

China's state planner said Friday it would release reserves of commodities to stabilise the supplies and market prices of products that are crucial for households, after deadly floods hit Henan and other regions last month, and Covid-19 are resurging across the country.

The National Development and Reform Commission (NDRC) will closely monitor productions, markets, and prices of essential agricultural products, and crack down activities on activities such as hoarding and prices collusion that drives up the cost of products, according to a statement from its official WeChat account.

The statement also stressed the importance of strengthening prevention and control of African swine fever and other major animal diseases after floods.

July's heavy rainfalls and floods in central China's Henan province have affected a total of 14.7 million mu (980,000 hectares) crops, and caused major damage in pig and poultry farms, Henan's agricultural department has said early this week.

At the same time, China has seen a resurgence of coronavirus outbreaks with 1,370 cases reported across the country by August 5, according to data from China's National Health Commission released on Friday.

A new round of regional lockdown and escalating restrictions have raised serious concerns over the uncertainty of supply and demand for staple commodities in China's domestic market.