Yongyuan town in Harbin plans to build the largest cereal trade market in Heilongjiang province, according to information released by the Harbin investment and promotion bureau on Aug 30.

The cereal trade market, to cover an area of eight square kilometers, will integrate the functions of cereal deep processing, warehousing and logistics and trade when put into service. The total investment of the project is 1 billion yuan ($151.6 million).

The trade market is expected to handle 4 million tons of cereals per year, with annual turnover of about 10 billion yuan.

Yongyuan town was chosen as the site of the cereal trade market due to its long history as the cereal distribution center in Harbin. Yongyuan town is the home of over 50 large cereal trade businesses, which handle about 2 million tons of cereal such as corn, soybean, rice and coarse cereals every year.

The cereal trade market will create significant regional growth and provide a much more standardized trade platform when it commences operations, said an official from Yongyuan town. It will also play an important role in boosting local employment and helping about 30,000 farmers increase their income.