Shanghai to boost grain trade by building IT-based trade platform

Shanghai, China's industrial and commercial center, will employ information technology to build a new grain trade platform, boosting grain trade, said vice mayor Hu Yanzhao.

Speaking Wednesday at the conference on intensifying the reformof grain circulation, Hu said Shanghai will spend two years in building the platform, meeting its great need for rice.

With a population over 16 million, Shanghai is one of China's grain import giants, consuming 5.7 million tons every year, nearlyhalf of which is rice.

However, the trade volume of rice amounted to 750,000 tons in 2003, fulfilling only 36 percent of the market's requirement.

There are nine grain trade markets in Shanghai, covering a total area of 51,000 sq. meters.

Hu said the small trade scale now in use along with outdated trading methods could not meet the huge grain demand in Shanghai.

He said the new IT-based platform would attract grain traders with advanced trade methods, will help with price control, lower trading costs and offer complete and gratifying service.

Source: Xinhua