China releases stockpiled pork to cool price surge

China | 18 Sep 2019 2:10 pm

China’s government is releasing pork from official stockpiles to ease a shortage and cool surging prices ahead of October 1 celebrations of the Communist Party’s 70th anniversary in power.

A government agency that manages the stockpile said today it will auction off 10,000 tons of frozen pork.

Pork prices have spiked almost 50 percent from a year ago following a devastating outbreak of African swine fever that killed or prompted authorities to destroy more than 1 million pigs.

That has pushed up global pork prices as Chinese importers buy foreign supplies.

Authorities earlier announced an initiative to revive pork production with official support to farmers including subsidies to rebuild their pig herds and improve facilities.-AP

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