China's Finance Ministry said the country will spend 154.6 billion yuan ($24.66 billion) on stockpiling grains, edible oils and other materials in 2015, a rise of 33 percent year-on-year.

The Chinese government will also maintain minimum purchasing prices for wheat and rice in 2015 and target total grain output at more than 550 million tons, the National Development and Reform Commission (NDRC)said separately on Thursday.

The NDRC said in its report published during the opening of the full session of parliament that it would also convert 667,000 hectares of agricultural land to forest and grassland in 2015 in an attempt to improve the environment.