December 3, 2019
China's Vice Premier calls for country to recover swine production
Chinese Vice Premier Hu Chunhua said China must stabilise pork supplies with Chinese New Year in January and the annual National People's Congress in March, reported Reuters.
The Vice Premier called for swine supplies to stabilise for these key periods in 2020 during an animal husbandry meeting on December 30, 2019.
In November, Archer Daniels Midland Co, a United States agribusiness firm reported that the African swine fever (ASF) outbreak in China has cut swine herds in the country by close to half. Many swine in China and other countries in Asia, like Vietnam and Philippines have seen swine culled or died due to the disease.
China's consumer price index has increased 3.8% year-on-year as the world's top swine market has seen dwindling supplies of pork due to ASF. The 3.8% increase is the fastest reported by China in close to eight years.
According to China's statistics bureau, pork prices have more than doubled in October (based on annual terms), which make up 60% of the consumer price index increase. Pork imports have also doubled this year compared to 2018, as the country approves more overseas meat plants to supplement declining supplies and stabilise prices.
Fang Xinghai, vice chairman of the China Securities Regulatory Commission said China will launch a new pig futures contract, as pork is significant to China's population. The report by China's official Securities Times newspaper did not specify a date for the futures' launch.