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China will release 10,000 tons of pork from its national reserves

2019-09-17T22:31:32.613Z


China will release 10,000 tons of pork from its central reserves this week in an attempt to stabilize high product prices and cope with a swine fever crisis that ...


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Hong Kong (CNN Business) - China will release 10,000 tons of pork from its central reserves this week in an attempt to stabilize high product prices and cope with a swine fever crisis that has eliminated approximately one third of its pigs.

Frozen pork will be auctioned online Thursday afternoon, the China Merchandise Reserve Management Center, a state-owned company that manages the reserves, said Tuesday in a statement.

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Pork is imported from the United States, the United Kingdom, Denmark, Germany, France and Chile. The main suppliers include the American firms Smithfield, Clemens Food and Seaboard, as well as the Danish crown of Denmark.

The order to release the reserves came from several Chinese government agencies, including the Ministry of Commerce and the Agricultural Development Bank of China, the reservation management center said.

Companies interested in the online auction should register with the center in advance and be examined by the Ministry of Commerce before Thursday. Each bidder can only buy up to 300 tons.

The China Merchandise Reserve Management Center stores and manages China's central resource reserves that the country considers strategically important, such as frozen pork, live pigs, other frozen meats and sugar.

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The Chinese pork market, the largest in the world, has been devastated by an outbreak of African swine fever. China has lost more than 100 million pigs in the last year, either due to illness or because farmers do not want to replace pigs after their death.

The decrease has led to pork prices rising almost 50% in the last year.

Pork is a staple of the Chinese diet, and the decision to increase supplies comes when the country prepares to celebrate the 70th anniversary of the People's Republic of China early next month. Market reservations are often scheduled to coincide with major festivals.

At least four Chinese cities or provinces that house approximately 130 million people have already released some of their local frozen pork reserves in recent weeks. But Thursday will be the first time since January that China's central government touches its reserves.

The use of government reserves is not the only way China is dealing with the worsening swine crisis.

Officials have provided subsidies worth about 3.2 billion yuan ($ 452 million) to low-income families who may have difficulty paying pork at current prices.

The Chinese authorities have also asked local governments to release money that could be used for artificial insemination technology, a way to encourage farmers and producers to raise more pigs.

Pork China

Source: cnnespanol

All news articles on 2019-09-17

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