In this undated photo, an employee checks on pigs at a breeding facility in Deyang, Sichuan province. (PHOTO / XINHUA)
BEIJING – China's top economic planner said Monday that it will take timely measures and tighten market oversight to prevent sharp increases in hog prices.
The National Development and Reform Commission said in a statement that it has held a meeting with industrial associations, hog farming companies and slaughtering houses to ensure market supply and stabilize prices.
From June 20 to 24, the average pork price tracked by the Ministry of Agriculture and Rural Affairs went up 5.4 percent week on week
The price of pork, a staple meat in China, has been rising due to the drop in market supply in recent weeks. From June 20 to 24, the average pork price tracked by the Ministry of Agriculture and Rural Affairs went up 5.4 percent week on week. The price was 31.6 percent higher than a year ago.
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The NDRC attributed the excessive price hike partly to "irrational reluctance to sell" in the market, as well as the practice of fattening hogs that are already ready for the market for higher profits.
Hog production is currently within a reasonable and sufficient range, and pork consumption has been weak, so there is no basis for continuous sharp increases in hog prices, said the NDRC.
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The NDRC ordered large hog suppliers to slaughter pigs at a regular pace and warned them against hoarding and price rigging. It would work with other government departments and punish related violations to protect market order and safeguard the sound development of the industry.