Beijing to End Subsidies for Grain, Cooking Oil
<i> Associated Press</i>
BEIJING — For the first time in four decades, Beijing consumers will have to pay market prices for grain and cooking oil, the government announced Sunday in a major move toward a market-oriented economy.
Since the 1950s, grain and cooking oil have been rationed in Chinese cities and sold to urban residents at state-subsidized prices. Analysts predicted the move will increase prices by as much as 40%.
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