April 20, 2012 / 12:12 PM / in 7 years

China to stockpile pork soon to stabilize prices

BEIJING (Reuters) - China will soon start stockpiling pork to help stabilize prices and stem losses by pig producers, the country’s top economic planning body the National Development and Reform Commission said on Friday.

“The government’s work of stockpiling frozen pork will begin soon, to stabilize prices in the pork market and prevent large-scale losses by pork producers,” the body said in a statement on its website (www.ndrc.gov.cn), without providing details.

“It can be seen that the present situation in the pork market of supply exceeding demand will likely continue for a certain period of time,” it added.

The government will try to ensure that “the market returns to balance as soon as possible”, it said.

Reporting by Ben Blanchard; Editing by Mark Potter

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