China ready to buy more pork for reserves to support prices
China's top economic planner said on Tuesday that it is ready to stockpile pork, the country's staple meat, for state reserves, as an index monitoring pork prices triggered a second-level warning.
BEIJING, Feb. 8 -- The index, the national average of pork prices against grain prices, came in at 5.57 to 1 between Jan. 24 and 28, staying in the second-level warning range for excessive drops for a third consecutive week, said the National Development and Reform Commission.
According to a work plan for stabilizing the pork market, China has introduced a three-level early-warning system to raise alarm for excessive ups and downs in hog prices.
The commission said it will work with relevant authorities to start buying pork for state reserves when necessary and guide local governments to start the pork stockpiling work.
As of 2 p.m. Tuesday, the average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs was 21.88 yuan (about 3.44 U.S. dollars) per kg, down 2.2 per cent from the previous day.