China plans subsidies to support corn, soybean output in north – state media

BEIJING (Reuters) -China’s Ministry of Finance has arranged for a one-time subsidy fund of 2.4 billion yuan ($329.67 million) for fertilisers and pesticides for corn and soybeans grown in the north of the country, state media said on Monday.

The funds, approved on Friday, will support use of crop chemicals to boost resistance and reduce losses in the country’s major autumn crops, the report by state broadcaster CCTV said.

China’s north and northeast, its top grain-producing regions, were inundated with heavy rain and flooding in recent weeks, raising concerns of higher levels of pests and damage to grain output.

Some forecasters have lowered estimates for China’s upcoming corn harvest though the Ministry of Agriculture and Rural Affairs kept its outlook unchanged at 282.34 million metric tons.

($1 = 7.2800 Chinese yuan)

(Reporting by Shanghai newsroom; Writing by Liz Lee and Dominique Patton; Editing by Christian Schmollinger and Jacqueline Wong)