China plans to continue stockpiling grain, edible¹ oil and other commodities but will reduce its consumption of coal as it plans to tackle air pollution.

中国计划继续增加谷物、食用油和其他大宗商品的库存。同时，中国将减少煤炭消耗量，以应对大气污染问题。

The country will spend 154.6bn yuan ($24.67bn) this year on its stockpiles, an increase of 33 per cent, the Ministry² of Finance said in a report to the National People’s Congress under way in Beijing. Last year spending rose 22 per cent.

在正在北京召开的中国全国人大会议上，中国财政部在一份报告中称，今年中国将花费1546亿元人民币（合246.7亿美元）用于扩大大宗商品库存，比去年增加33%。相比之下，去年中国相关开支增长率为22%。

Low commodity prices give China an opportunity to build up its strategic reserves. The country imports roughly 60 per cent of the crude oil it uses, and has been building up its strategic and commercial reserves as oil prices have fallen about 50 per cent since last summer.

大宗商品的熊市，为中国创造了增加战略储备的机会。自去年夏天以来，全球油价已下跌了大约50%。中国进口原油约占其所用原油的60%，自油价暴跌以来，中国一直在增加战略储备和商业储备。

But coal is the one commodity it wants to use less of. The country will strive for zero growth of coal in key areas of the country, Premier³ Li Keqiang said in his work report.

不过，煤炭却是中国希望减少用量的大宗商品。中国总理李克强在其政府工作报告中表示，中国要争取实现重点区域煤炭消费零增长。

Consumption of coal in China fell 2.9 per cent last year, the first drop in 14 years. That has helped drive down thermal⁴ coal prices 25 per cent over the past year.

去年，中国煤炭消费量下跌了2.9%，是14年来首次下跌。受其影响，过去一年中国动力煤价格下跌25%。

China will also cut its energy intensity⁵ by 3.1 per cent this year, Mr Li said. China has cut overcapacity in the steel and cement industries as part of a five-year plan to reduce energy intensity by 16 per cent compared with 2010 by this year. Last year it surpassed its target, cutting intensity by 4.8 per cent.

李克强表示，今年中国还会将其能源强度（每单位产出所消耗的能源——译者注）降低3.1%。按照中国的五年计划，中国会在今年底前令能源强度比2010年降低16%。根据这一计划，中国已削减了钢铁和混凝土产业的过剩产能。去年，中国超额完成了任务，将能源强度降低了4.8%。

The country will strictly⁶ control the number of energy-intensive projects in areas affected⁷ by severe smog and put into effect policies for coal use reduction and replacing coal with alternative sources, the National Development and Reform Commission said in its report to the congress.

此外，中国发改委(National Development and Reform Commission)在提交给全国人大的报告中表示，中国还将严格控制受雾霾影响严重地区的高能耗项目数，并将实施多项减少煤炭消费、将煤炭用其他能源替代的政策。

Air quality in 66 of 74 of China’s major cities failed to meet basic standards of air quality last year.

去年，中国74座大城市中，有66座未能达到空气质量的基本标准。

The money for stockpiling is mostly to pay subsidies⁸ for loans to build up reserves of grain and edible oil and to pay for losses on sales of cotton reserves, the ministry of finance said. It did not give details of what other commodities it plans to stockpile.

财政部表示，用于扩大库存的拨款大部分将用于为贷款提供补贴。这些贷款将用于增加谷物和食用油的储备，以及支付销售棉花储备的亏损。至于中国打算囤积的其他大宗商品，财政部并未提供相关细节。

Corn prices have fallen to below $4 a bushel, from more than $8 in 2012, while wheat, at $4.91, has halved⁹ in price since 2012.

目前，玉米价格已经从2012年的每蒲式耳逾8美元，跌至4美元以下。同时，自2012年以来，小麦价格已减半至每蒲式耳4.91美元。

In November China gave its first formal estimate of its oil reserves, saying the first stage was complete with 12.43m tonnes in storage, about 91m barrels of crude in four locations.

去年11月，中国首次公布了对其石油储备的正式估计，表示一期工程已经完成，四个储备基地的存储量达1243万吨，相当于大约9100万桶原油。

China plans to achieve 90 days of crude import cover similar to developed countries, to be achieved in three phases, according to the Oxford¹⁰ Energy Institute.

据牛津能源研究所(Oxford Institute for Energy Studies)称，中国计划参照发达国家，建立相当于90天原油进口量的石油储备，将分三个阶段完成。

In copper¹¹, China’s Strategic Reserve Bureau last year was also rumoured¹² to have been buying. China imports about 70 per cent of the copper it uses and prices have fallen to five-year lows.

去年也有传闻称，中国国家物资储备局一直在买进铜。目前，中国对铜的进口量大约占其消耗量的70%，而全球铜价已降至5年来最低点。