China to stabilize pork prices

China to stabilize pork prices

An official revealed yesterday that China has taken various measures to ensure pork supply and stabilize pork prices.

Spokesperson for the National Bureau of Statistics Liu Aihua revealed that government agencies have put great emphasis on restoring hog production and have doubled up efforts to increase pork supply.

Hog production is expected to recover and pork prices will soon stabilize as soon as the policy measures gradually take effect. Liu noted that China has worked on raising living subsidies to people living in poverty in accordance with the hike in consumer prices, hence insisting that people’s lives will not be affected by soaring pork prices.

China’s main gauge of inflation, its consumer price index rose to almost 4% last month. It was mainly driven by soaring pork prices contributing nearly 67% to the CPI growth.

Liu noted the country’s CPI growth is still “mild” this year, rising by 2.6 percent year on year in the first 10 months, within the target of 3 percent set by the government.

China’s 3% target on CPI growth is rising close to 3% year on year in the first 10 months, Liu explains. The country has rolled out multiple measures to stabilize hog production and pork supply.

In order to do that, the State Council encouraged the supply of swine feed to restore hog production. By doing so, poultry production will be increased, further maximizing food reserves.

Data showed pork imported into the country reached about 1.33 million tons during the first three quarters, a little over up 43% percent year on year.

According to the Rabobank report, African swine fever will continue to negatively affect global animal protein output. It will likely take China more than five years to recover from the outbreak.

The country is set to encounter challenges that come along with having no concrete solution to prevent the disease and the need for additional investment to restock herds