China releases more pork from reserve to cool prices

Animal right activists wearing pig masks stage a memorial rally for those slaughtered due to African swine fever in Seoul, South Korea, Thursday, Sept. 26, 2019. South Korea on Wednesday said it was intensifying efforts to clean farms around the country as it scrambles to contain the spread of the highly contagious African swine fever that has ravaged farms near its border with North Korea. (AP Photo/Ahn Young-joon)

China is releasing more pork from stockpiles to help cool surging prices ahead of next week's celebration of the Communist Party's 70th anniversary in power.

BEIJING — China's government is releasing pork from stockpiles for the second time this month to help cool surging prices ahead of next week's celebration of the Communist Party's 70th anniversary in power.

The government said Thursday it will auction off 10,000 tons of pork, the country's staple meat.

The price of pork has soared almost 50% from a year ago due to a devastating outbreak of African swine fever that killed or prompted authorities to destroy vast numbers of pigs.

That is a sour political note for the ruling party, which bases its claim to power in part on improved living standards over three decades of market-style economic reforms.

The disease that is fatal and very contagious for pigs does not harm humans. It has spread to many Asian countries.

You may also like these

Asian markets lower after Wall Street decline

Sep 15, 2016

Asian stock markets were mostly lower Thursday following Wall Street's decline in light trading...

China starts 2017 engulfed by smog, issues...

Jan 2, 2017

Beijing and other cities across northern and central China are shrouded in thick smog, prompting...

Chinese delegation open to meeting Trump's team...

Jan 11, 2017

A Chinese official says President Xi Jinping's delegation to the World Economic Forum is open to...

China state media call Trump's Taiwan strategy...

Jan 16, 2017

China's state-run media says President-elect Donald Trump "speaks like a rookie" and called his...

'One China principle' not negotiable, China tells...

Jan 16, 2017

Responding to remarks by Donald Trump, China's Foreign Ministry says the country's "one-China...

Sign up now!

The Financial Capital is your independent source for finance information and advice. We provide insights and offer advice from financial experts so you can make the best decisions.

Contact us: sales[at]thefinancialcapital.com