China mulls releasing pork from state reserves

Xinhua
05 Jul 2022, 18:44 GMT+10

BEIJING, July 5 (Xinhua) -- China is considering releasing pork from its central reserves and guiding local pork reserve releases to prevent sharp hikes in hog prices, the country's top economic planner said Tuesday.

The country is taking measures to ease the decline in market supply of pork caused by some hog producers' reluctance to sell hogs that are ready for the market, according to the National Development and Reform Commission.

The price of pork, China's staple meat, has been rising in recent weeks. From June 20 to 24, the average pork price tracked by the Ministry of Agriculture and Rural Affairs went up 5.4 percent week on week and rose 31.6 percent from a year ago.

The commission said in an earlier statement that it has held a meeting with industrial associations, hog farming companies and slaughterhouses to ensure market supply and stabilize prices.

It will also guide local authorities to release pork reserves in a timely manner to create a regulatory synergy.

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