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Moves Stamp Out Price Manipulation

by 5m Editor
18 January 2008, at 10:49am

CHINA - Chief Executive Donald Tsang Yam- kuen has announced arrangements with Beijing's Ministry of Commerce that will stamp out price manipulation on pork.

Tsang, in answer to a query by Democratic Alliance for the Betterment and Progress of Hong Kong lawmaker Wong Yung-kan on the supply of live pigs, said that lawmakers at his Q&A Legislative Council session had pledged to ensure a sufficient supply of live pigs to Hong Kong. It was importing at least 4,000 head daily to stabilise and avoid any manipulation of prices.

The action was a result of talks between officials of the Food and Health Bureau and the ministry in Beijing. The ministry has also pledged to update the Hong Kong government every day with the number of pigs to be imported.

However Tsang said that a lack of transparency in the trade's operation had brought instability and record high prices at the beginning of this week. Pork prices soared 70 percent. The new measure, he said, should prevent this.

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5m Editor