China will increase the supply of farm products and keep prices stable, aiming to build a strong domestic market, the country's top economic planner said Friday at the China Development Forum Special Session 2019.
"China will increase the supply of farm products including pork, fruits and vegetables and keep prices stable," said Ning Jizhe, vice minister of the National Development and Reform Commission (NDRC) and head of the National Bureau of Statistics (NBS).
The country will also boost consumption while increasing effective investment as part of its efforts to build a strong domestic market, the official added.
Under the theme "Trade, opening-up and sharing prosperity," the seminar is taking place on September 6 and 7 in Beijing with issues including the outlook of global economic growth, a more open China, as well as the prospect of China-U.S. economic and trade relations.
China has decided to strengthen its fiscal policies in a move to facilitate hog production and guarantee stable pork supply, according to the Ministry of Finance (MOF) Wednesday.
Subsidies to farms with culled pigs will be dispensed every six months instead of annually to accelerate the subsidy delivery, a circular jointly released by the MOF and the Ministry of Agriculture and Rural Affairs said.
Meanwhile, to further support the infrastructure building of animal disease prevention and control, local governments will lift the incentives to major hog producing counties, the circular said.
Insurance coverage on hogs was raised temporarily as well, with that for sows rising to 1,500 yuan (about 211 U.S. dollars) from the former maximum limit of 1,200 yuan and that for finishing pigs growing to 800 yuan from 600 yuan.
(With input from Xinhua)