January 10, 2008

China to release pork from reserves for Lunar New Year

China announced it would continue to release pork from its reserves to ensure supply ahead of the lunar New Year a commerce official said on Wednesday.

Last week's sale had an immediate impact on the market, Huang Hai, assistant Chinese Commerce Minister, told a press conference.

Wholesale pork prices rose only 0.7 percent, compared to 0.93 percent  the previous week.

China would seek adequate pork supply through domestic and foreign sources, he said. 

The week-long holiday begins on February 6 and is considered that nation's most important holiday. 

China commonly releases commodities and cooking oil from reserves to ensure adequate supply for the occasion.

Last year's soaring pork prices prompted authorities to build up a pork reserve system on a national and provincial level. Local authorities were also ordered to ensure adequate supplies as the nation disburses a slew of subsidies to encourage farmers to restart their pig operations in the wake of devastating disease outbreaks.