China has sufficient stockpiles of grain to keep domestic prices stable and feed its 1.3 billion people, the country's top economic planning body said on Tuesday.

The statement was made against a backdrop of skyrocketing rice prices in the world market. In March, international rice prices rose to their highest level in 19 years, and wheat prices rocketed to a 28-year peak.

Reserves across the country can meet demand for at least six months. Rice, a staple food for most Chinese, makes up more than 70 percent of grain reserves, the National Development and Reform Commission said in a statement on its Website.

Official figures show that the country's output of rice topped 185 billion kilograms last year, slightly more than the domestic consumption of 180 to 185 billion kilograms.

"Our grain supply and demand is basically steady, our reserves are full and we can guarantee the supply and stability of grain prices," said the statement.

China's grain production has increased in the past four years.

It exceeded 501.5 billion kilograms last year, a rise of more than 70 billion kilograms from 2003, the statement said, and is almost equal to the annual consumption of 510 billion kilograms in China.

More than 18 percent of grain production in the country is required for reserve stockpiles, which are already higher than the international level, said the economic planning body.

(Shanghai Daily May 7, 2008)