BUSINESS China's pork prices continue to dip

BUSINESS

China's pork prices continue to dip

Xinhua

17:04, May 27, 2020

A pork booth in a supermarket in Nanchong, Sichuan province. (Photo: Sipa)

BEIJING -- Pork prices in China continued to decline last week as supply exceeded demand, official data showed.

From May 18 to 22, the average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs came in at 36.04 yuan (about $5) per kg, down 0.8 percent week on week.

The price retreat came as the government has been taking multi-pronged measures to boost supply, including releasing frozen pork reserves and expanding imports.

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.

Pork production is expected to reach 48 million tons this year, 5 million tons more than last year's figure, according to a report by the Chinese Academy of Social Sciences.

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