Panic Buying of Daily Necessities... Chinese Authorities Announce "Record High Food Reserves"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] Amid the spread of COVID-19 and rising tensions with Taiwan, which have even led to panic buying in some parts of China, authorities have announced that food reserves have reached an all-time high.

According to state-run CCTV on the 4th, the China National Food and Strategic Reserves Administration stated that this year's food reserves will remain above 65 million kg for the seventh consecutive year. This is the highest level ever, and it is explained that it fully meets the demand and supply of the domestic food market.

The reserve ratio for the most consumed wheat and rice is over 70%, with wheat reserves covering consumption for one year and six months.

The Chinese authorities disclosed the food reserve levels because concerns are spreading due to the expansion of local COVID-19 infections, which have caused panic buying in some regions.

Chinese authorities stated that although "irrational consumption" is occurring in some large supermarkets, the supply of goods in supermarkets and markets is being maintained at normal levels.

The state-run Global Times said, "The panic buying was caused by anxiety spreading due to the Ministry of Commerce's recommendation to stockpile daily necessities. Additionally, the recent escalation of tensions over the Taiwan issue has further fueled consumer anxiety."

This content was produced with the assistance of AI translation services.