China plans strategic boost to vast state commodities reserves - report
China is looking to increase its already colossal state reserves of crude, strategic metals and farm goods over the next five years
According to Bloomberg, China's next five-year plan will call for an increase to its mammoth state commodities reserves as Beijing is keen to heed lessons from the virus crisis but also as it is seeing a deterioration in relations with the US and its allies.
The report adds that China is looking to ensure stockpiles are plentiful enough to withstand supply disruptions that could cripple its economy, citing officials familiar with the matter.
It is said that some of the storage capacity needed is already being built with China looking to move towards being more self-sustaining, as seen with the report on wanting to bolster its semiconductor industry last week here.
For some context, China is going to lay out its 2021-2025 strategy i.e. five-year plan some time next month and this looks to be part and parcel of that after having already reportedly bought cheap oil following the crash in March and April.