BUSINESS China's hog prices down 9.9% in mid May

BUSINESS

China's hog prices down 9.9% in mid May

Xinhua

13:56, May 25, 2020

Residents shop for pork at Lianyun district at Lianyungang city in Jiangsu province on Dec 3, 2019. (Photo by Wang Chun/For China Daily)

BEIJING - The prices of live pigs in China continued to retreat as government policies to boost hog production took effect, official data showed Monday.

Hog prices went down 9.9 percent in mid May compared with the previous 10 days, according to the National Bureau of Statistics.

Since last year, the country has implemented a string of policies to encourage hog production and stabilize pork prices affected by African swine fever and other cyclical factors.

To soften the impact of the novel coronavirus outbreak, China has ramped up financial support including subsidies and loans to major pig producing counties to restore production.

Monday's data also showed that of the 50 major goods monitored by the government, including seamless steel tubes, gasoline, coal, fertilizer and some chemicals, 24 saw their prices decrease during the period, 22 posted higher prices and four saw their prices unchanged.

The reading, released every 10 days, is based on a survey of nearly 1,700 wholesalers and distributors in 24 provincial-level regions.

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