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Chinese gov´t to allocate 6.5 billion yuan to control pork prices

by 5m Editor
25 June 2007, at 10:36am

BEIJING - With the dramatic rise in pork price, the Chinese government has said that it plans to spend 6.5 billion yuan (850 million US dollars) this year to contain pork prices.

The massive government allocation, including 3.8 billion yuan from the central government, will be mainly used for a soon-to-be-established insurance scheme that will cover female pigs against illness and natural disasters, said sources with the Ministry of Finance.

Pig breeders will get an annual subsidy of 50 yuan for every female pig insured.

The central government will also spend 470 million yuan this year to relieve the impact of rising food prices on the lives of low-income people.

Another 280 million yuan will be allocated to subsidize college students from low-income families.

A spike in the price of pig feed and cases of blue-ear disease (PRRS) among the nation's swine has seen pork prices surge dramatically this year.

According to official figures, 19,000 pigs were killed after outbreaks of the disease in 194 Chinese counties up until the end of May.

Some farmers are now reluctant to raise pigs for fear they might be stricken by the disease.

Source: CCTV.com

5m Editor