Beijing to invest nearly 120 mln USD in live pig industry
Beijing plans to invest 850 million yuan (119.82 million U.S. dollars) in the live pig industry over the next three years, the city's bureau of finance said Thursday.
The investment will focus on upgrading and rebuilding the pig farms, according to the bureau.
The city also plans to invest 150 million yuan in dung disposal every year and provide guaranteed loans to pig farms, it said.
China's pig supply had shrunk substantially due to multiple factors including African swine fever and the higher costs of pig breeding, which pushed up pork prices.
Chinese authorities Thursday released 10,000 tonnes of pork from their central reserves to increase pork supply in the market and ensure meat supply for the upcoming National Day holiday.
China is capable of guaranteeing its meat supply with a sharp increase in meat imports and a relatively high level of frozen meat inventory, the Ministry of Commerce said in an online statement.