Hong Kong  - Thailand on Monday guaranteed rice supplies to Hong Kong after a sharp rise in prices in the former British colony which triggered panic-buying, an official said.

Secretary for Commerce and Economic Development Frederick Ma announced after a meeting with the Thai consul-general that there would be no quota system on rice exports from Thailand to Hong Kong.

Ma also said that the Ministry of Commerce in Beijing had promised that China would make up any shortfall in rice supplies to Hong Kong, which imports 90 per cent of its rice from Thailand.

Rice prices in the city of 6.9 million have shot up by more than 30 per cent and supermarkets have seen panic buying of rice as reports of regional shortages and rising prices have spread in recent weeks.

The wealthy high-rise city is almost entirely dependent on imported foods, with mainland China its key supplier of pork and other meats, and Thailand the main rice supplier.(dpa)