Beijing to release frozen pork to temper price rise

Beijing | Reuters –– Beijing will release 3.05 million kilograms of frozen pork from its reserves over the next two months to combat rising pork prices, the city government said on Wednesday.

Starting from Thursday and lasting until July 4, the Beijing municipal government will sell 50,000 kg of pork each day to 121 supermarket chains in Beijing, the Beijing Municipal Commission of Commerce said in an announcement on its website.

In addition, the government will provide a subsidy of nine yuan (C$1.78) per kg to incentivize supermarkets to cut pork prices for consumers, the statement said.

China’s raw pork prices have jumped 50.6 per cent month on month in April, the official Xinhua news agency said, citing the Beijing municipal government

Millions of small pork farmers quit the industry last year after two years of low prices and the introduction of tough new environmental rules. Their exit has reduced the number of breeding sows and curbed China’s ability to quickly rebuild its herd.

— Reporting for Reuters by Sue-Lin Wong.