China mulls using pork reserves to rein in costs
Chinese authorities could dip into strategic pork reserves in a bid to rein in prices of the staple meat, Beijing's top economic planner said on Tuesday. Pork prices in the world's second-biggest economy spiked late last month, with the meat selling for 32 percent more than in June 2021 as market supplies dropped, Xinhua news agency reported. The spike came on the back of "irrational behaviours such as blindly holding supplies and reluctance to sell in the live pig market," the National Development and Reform Commission (NDRC) said in a notice on social media. It added that it was "looking into a release of central pork reserves". The NDRC said that reluctance was aimed at boosting profits and ordered major suppliers to slaughter pigs at a "regular pace", warning them against hoarding, Xinhua said. Hog production is currently within a reasonable and sufficient range, and pork consumption has been weak, so there is no basis for continuous sharp increases in hog prices, the NDRC said. The commission warned it would punish related violations to protect market order and safeguard the industry's development. (Xinhua/AFP)