China is releasing more pork from stockpiles to help cool surging prices ahead of next week's celebration of the Communist Party's 70th anniversary in power.
BEIJING — China’s government is releasing pork from stockpiles for the second time this month to help cool surging prices ahead of next week’s celebration of the Communist Party’s 70th anniversary in power.The price of pork has soared almost 50% from a year ago due to a devastating outbreak of African swine fever that killed or prompted authorities to destroy many herds.
The crisis is a sour political note for China’s ruling party, which bases its claim to power in part on improved living standards over three decades of market-style economic reform. The release announced Thursday is equivalent to less than 0.2% of China’s 2018 monthly consumption of 4.7 million tons. That suggests the move was a signal to consumers and farmers of Beijing’s determination to cool prices instead of an attempt to change supply levels.The government keeps reserves of live pigs and frozen pork to guarantee adequate supplies.
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