Chinese government introduces pork purchase plan
Chinese pork scheme is hoped to stabilize depressed pork prices
The Chinese government has introduced a pork purchase plan to stabilize depressed prices while production of live pigs remains high. The Chinese pork plan will prevent excessive decline in prices of live hogs, stabilize husbandry and protect farmers involved in Chinese pig production, the National Development and Reform Commission (NDRC), China's top economic planning body, stated.
The NDRC forecast that prices will continue to drop in upcoming months, a time when consumption is traditionally low. NDRC also advised farmers to adjust the scale of their business depending on market prices.
Prices of live hogs have fallen since mid-December. Wholesale prices fell 1.1 percent in the first two weeks of February year on year after a 1.9 percent drop in January, according to reports.