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China's cabinet to take measures to steady hog prices

29 July 2021, at 1:00am

China's cabinet said on Wednesday it will step up emergency adjustments of its pork reserves and take measures to stabilize hog prices, reiterating Beijing's concern after extreme volatility in the world's biggest pork market.

Chinese hog prices have plunged sharply this year, eroding profits for farmers and raising concerns that many could stop raising pigs, according to Reuters.

China's cabinet said it was necessary to stabilize long-term support policies including financial ones to protect pig producers, warning against cutting off loans "at will" to farmers.

The meeting also reiterated the need to support small and medium-sized farms and urged local governments to offer one-off temporary relief to producers when breeding stocks fell too low.

Many small farmers in major pork producing province Henan have been devastated by floods this month.

The government also needs to do a good job in preventing and controlling major disease outbreaks, it said, while strengthening the emergency adjustment of pork reserves.