CHINA China releases more pork from reserves to meet the demand

CHINA

China releases more pork from reserves to meet the demand

Xinhua

22:46, April 10, 2020

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File photo

BEIJING, April 10 (Xinhua) -- China released another 19,700 tonnes of frozen pork from its central reserves Friday to ensure market supply and stabilize pork prices, according to the Ministry of Commerce (MOC).

The release was jointly arranged by the MOC and other authorities, including the National Development and Reform Commission and Ministry of Finance.

The country has already released about 167,000 tonnes of frozen pork from state reserves after the Lunar New Year holiday.

Pork prices in China have soared as the African swine fever battered the country's pork industry, driving up consumer inflation. Prices began to stabilize after the country rolled out multiple measures, such as increasing subsidies to restore hog production, releasing frozen pork reserves and expanding imports.

From March 30 to April 3, the average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs came in at 45.06 yuan (about 6.4 U.S. dollars) per kg, down 1.7 percent week on week.

More frozen pork reserves will be put onto the market in the future in due course, said the MOC.

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