China pledges financial support for pork production

BEIJING — Chinese authorities stressed the implementation of various financial policies to fast-track hog production recovery and ensure sufficient market supply.

The country has witnessed a positive trend in hog production, while the task of stabilizing production and supply remains arduous, according to the video conference jointly held on May 20 by the Ministry of Agriculture and Rural Affairs and China Banking and Insurance Regulatory Commission.

Local governments are urged to make full use of supportive fiscal and financial measures to basically restore the hog production capacity to normal levels by the end of 2020.

The meeting said since 2019, banks and insurers had further ramped up support to aid the industry with endeavors in credit supply and insurance coverage while making innovation in expanding the range of mortgages and building an inclusive financial system.

More should be done to strengthen cooperation, consultation and information sharing among local departments and further promote mortgage loan pilot projects with optimized financial policies, the meeting said.