China vows to curb commodity speculation to ensure price stability

China will crack down on hoarding and commodity speculation while ensuring supply and price stability, with the aim of containing the price volatility seen in recent months, the Chinese Ministry of Industry and Technology said. information. “We will coordinate with the relevant departments to ensure the stability of supplies and prices of bulk raw materials (…) guide actors up and down the industrial chain to stabilize production, supply and marketing raw materials, “ministry spokesman Huang Libin said Friday, according to a transcript posted on the ministry’s website.

“In responding to the risk of fluctuating market prices, we must resolutely fight against hoarding, malicious speculation and price escalation.” Chinese policymakers have stepped up efforts to curb soaring commodity prices that have squeezed manufacturers’ margins in the world’s second-largest economy to prevent price increases from being passed on to consumers.

In recent months, authorities have warned against speculative trading, auctioning base metal reserves, and launching inquiries into prices and reserves of iron ore, coal and urea, among its measures to counter tight supplies. The Chinese state planner had announced on Friday his intention to increase its storage capacity of national coal reserves to about 600 million tonnes, or about 15% of annual coal consumption.

Separately, another ministry spokesman, Tian Yulong, said China has currently opened 961,000 5G base stations, with the aim of speeding up and expanding the construction of its 5G network.

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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