CBN丨China’s NDRC vows to stabilise hog prices by cracking down on price gouging

21世纪经济报道 21财经APP 李莹亮
2022-07-05

Hi everyone. I’m Stephanie LI.

大家好,我是主持人李莹亮。

Coming up on today’s program.

重点提要 

  • China’s economic planner intends to prevent a pork price surge, as the meat has climbed 28% at wholesale level since mid-March;

  • Chinese and U.S. senior officials hold video talk on economic issues.

Here’s what you need to know about China in the past 24 hours 

中国经济要闻

China’s top economic planner said it will take measures to prevent rapid pork-price increases when it deems appropriate, following steady gains the past three months for the key component of consumer inflation.

The National Development & Reform Commission (NDRC) will use tools such as adjusting reserves, it told representatives of pork and slaughter companies during a meeting, according to a statement released Monday. The NDRC also said it will work in coordination with other agencies to “severely punish illegal activities including fabrication and spread of information about rallying prices and price gouging.”

The commission asked major hog farmers to maintain normal output, sell hogs when they are ready for the market and not hoard them, according to the statement. The meeting concluded that irrational hoarding sentiment has been a major factor behind recent price increases for China’s most popular protein. 

The dominant hog futures contract jumped by the daily limit Monday to 22,755 yuan per ton, the highest level since May 2021. Last September, the contract had been as low as 13,500 yuan per ton. And the price of live pigs soared 11.6 percent at the end of June from the middle of the month to 18.30 yuan per kilogram, while pork price rallied 28 percent from mid-March through late June, according to government data. 

There’s been supply issues of late involving pork, which has the biggest weighting among foodstuffs in China’s consumer price index and could pose broader inflation risks. A price slump last year has been a key factor for subdued overall growth in consumer prices.

Current hog production capacity is overall reasonable and ample, according to the NDRC, saying that with weak consumption there’s no foundation for a sustained significant rise in hog prices. It added representatives attending the meeting vowed to keep a normal output pace. 

针对近期生猪价格出现过快上涨的情况,7月4日国家发展改革委价格司组织行业协会、部分养殖企业及屠宰企业召开会议,深入分析生猪市场供需和价格形势,研判后期价格走势,研究做好生猪市场保供稳价工作。

会议指出,有关方面分析认为,近期国内生猪价格过快上涨,重要原因是市场存在非理性的压栏惜售和二次育肥等现象,部分媒体特别是自媒体捏造散布涨价信息、渲染涨价氛围,短期内加剧了市场惜售情绪。

参会代表一致表示,将加强行业自律,带头做好生猪市场保供稳价工作,保持正常出栏节奏、不压栏囤货;同时建议国家采取积极措施引导市场理性交易,适时投放猪肉储备给市场“降温”,并加强市场监管,特别是严厉打击故意渲染涨价氛围、制造恐慌情绪的行为。

国家统计局7月4日发布的数据显示,2022年6月下旬生猪(外三元)价格报每公斤18.3元,与6月中旬相比,每公斤上涨1.9元,上涨幅度为11.6%。

除此以外,生猪期货大涨,主力2209合约盘中触及涨停,最高至每吨22755元,这还是在上周取得了近9%涨幅基础上实现的。

7月5日,国家发展改革委价格司与大连商品交易所召开座谈会,研究加强沟通协作,共同做好生猪市场保供稳价等工作。会议商定,国家发展改革委价格司与大连商品交易所紧密合作,会同有关方面进一步完善工作机制、形成工作合力,加强现货期货市场联动监管,及时排查异常交易,强化穿透式监管,依法严厉打击捏造散布涨价信息、囤积居奇、哄抬价格以及资本恶意炒作等违法违规行为,切实保障生猪市场平稳运行。

  • Chinese Vice Premier Liu He, a member of the Politburo of the CPC Central Committee and chief of the Chinese side of the China-U.S. comprehensive economic dialogue, held a video conversation with U.S. Treasury Secretary Janet Yellen at the latter's request on Tuesday morning.

    According to a statement released after the meeting, both sides had a pragmatic and candid exchange of views on such topics as the macroeconomic situation and the stability of the global industrial and supply chains. The two sides agree that it is of great significance to strengthen macro-policy communication and coordination between China and the United States, as the world economy is facing severe challenges. And jointly maintaining the stability of the global industrial and supply chains is in the interests of both countries and the whole world.

    The Chinese side expressed its concern about issues including the lifting of additional tariffs on China and sanctions by the U.S. side, and fair treatment of Chinese enterprises. 

  • 中美高官就经济问题举行视频会谈:7月5日上午,中共中央政治局委员、国务院副总理、中美全面经济对话中方牵头人刘鹤应约与美财政部长耶伦举行视频通话。双方就宏观经济形势、全球产业链供应链稳定等议题务实、坦诚交换了意见,交流富有建设性。双方认为,当前世界经济面临严峻挑战,加强中美宏观政策沟通协调意义重大,共同维护全球产业链供应链稳定,有利于中美两国和整个世界。中方表达了对美国取消对华加征关税和制裁、公平对待中国企业等问题的关切。双方同意继续保持对话沟通。

Moving on to regional highlights

区域观察

  • More Chinese carriers have started flying along the country’s busiest trunk route between Shanghai and Beijing again this month, indicating life and work are getting back to normal after the recent resurgence of Covid-19. There were 32 flights from Shanghai to Beijing and 23 from Beijing to Shanghai on Monday, versus only one flight a day between the two metropolises during the height of the pandemic.

    京沪航班密集增加:4日,上海飞往北京的航班数量共计32班、北京飞往上海的航班数量为23班。京沪航班批量恢复,业内人士称“意味着上海航空市场迎来实质性复苏”。

Next on industry and company news

产业及公司新闻

  • China's box office earnings for the first half of 2022 totaled 17.18 billion yuan, with revenue generated by Chinese titles accounting for nearly 85 percent, media reported Monday. Due to COVID-19 outbreaks in the last four months, the number of movie viewers has fallen to 397 million in the first half of the year, data from the Chinese ticketing platform Maoyan showed.

    上半年国内票房超171亿元:据猫眼专业版统计,截至6月30日,今年上半年全国电影总票房报收171.73亿元,观影人次3.97亿,放映场次5149.5万。

  • The implementation of car purchase tax cut policy have saved about 7.1 billion yuan for car buyers, data from the State Taxation Administration on Monday. China decided in late May to halve the car purchase tax for passenger vehicles priced at no more than 300,000 yuan and with 2-liter or smaller engines.  

    购车税减征首月减税71亿元:国家税务总局最新数据显示,车辆购置税减征首月,全国共减征车购税71亿元,减征车辆109.7万辆。国务院在今年5月31日提出了车辆购置税减征政策,规定对购置日期在2022年6月1日至2022年12月31日期间,且单车价格(不含增值税)不超过30万元的2.0升及以下排量乘用车,减半征收车辆购置税。

  • The Fuling shale gas field in Chongqing produced a record high of more than 3.63 billion cubic meters of natural gas in the first half of this year, up 1.9 percent year on year, according to Sinopec on Monday.

    涪陵页岩气田产量创新高:中石化数据显示,1月至6月,江汉油田涪陵页岩气田累计生产天然气36.33亿立方米,产量创历史同期新高。

  • Chinese internet healthcare platform WeDoctor has secured more than 1 billion yuan in its latest financing round, led by a state-backed industrial investment fund in eastern Shandong province. Other state-owned funds are in negotiations with WeDoctor to integrate local medical and healthcare systems onto the platform.  

    微医获超10亿元融资数字医疗服务平台微医近日获得超10亿元的融资。这次领投方为山东省的国有产业投资基金。有消息称,还有多地国有产业投资基金正在与微医洽谈,计划通过资本+产业合作加速数字医疗平台与本地医疗健康服务体系的融合。

  • Chinese tech giant Huawei Technologies and its electric vehicle-making partner Sokon Automobile have launched their second Aito-branded EV model, Aito M7, at the release event yesterday. Priced from 319,800 yuan, over 10,000 orders of this six-seat SUV were placed in the first two hours of sales after 6 p.m. yesterday.

    华为AITO第二款车型上市:7月4日,华为新品夏季发布会推出AITO品牌第二款车型——豪华智慧大型电动SUV问界M7。据华为官微,问界M7定位于中大型SUV,售价31.98万元起,发布2小时后订单量已破万。

Switching gears to financial news

金融市场消息

  • In the six months ended June 30, both the number of IPOs and the value of funds raised on the Shanghai and Shenzhen bourses outstripped other capital markets around the globe, according to PricewaterhouseCoopers data on Monday. Although the number of IPOs slumped by 31 percent in the first half from the same period last year to 169, the amount of money raised surged 48 percent year on year to 311.9 billion yuan, while the average amount raised by each company doubled from a year ago to 1.8 billion yuan. There will probably be between 330 and 380 listings on the mainland this year, raising as much as 635 billion yuan.

    沪深成为全球前二大上市目的地:7月4日,普华永道发布了2022年上半年中国内地和香港IPO市场表现及前景展望。2022年上半年,A股市场有169只新股,融资额达到3119亿元人民币,IPO数量比去年同期(245家)减少了31%,但融资额比去年同期(2109亿元)上升了48%, 平均融资额为18亿元人民币,比去年增加了100%。2022年上半年,A股市场IPO不论数量还是融资额均超过全球其他各大资本市场,以融资额计算,上交所、深交所分别成为全球第一和第二大的上市目的地。

  • At least three international asset managers have recently reduced their holdings of China’s battery giant CATL, media reported Monday. The Allianz China A-Shares fund cut its holdings in CATL by 17.9 percent and JPMorgan Chase’s China A-Share Opportunities Fund reduced 11.2 percent in May. The Baillie Gifford China Fund also pared its stake by 6.9 percent in April. 

    多家海外中国基金减持宁德时代:多家国际资产管理公司最近都减持了中国电池巨头宁德时代的股份。 安联神州A股基金5月减持了17.98%宁德时代持仓,由第二大重仓股降至第五大重仓股。摩根大通旗下旗舰基金也在5月份减持了宁德时代股票,减持幅度为11.29%。此前,超长线投资机构“柏基”旗下的“柏基中国基金”在4月也同样减持了宁德时代,减持幅度为6.94%。

  • Baihang Credit, China's first licensed personal credit agency, has recently appointed a former deputy director of China’s central bank, Wang Xiaolei, as its new chairman, information on the website of the firm showed on Monday.  

    王晓蕾出任百行征信董事长:4日消息,王晓蕾出任百行征信董事长并担任企业法定代表人。公开资料显示,王晓蕾于2009年12月出任央行征信中心副主任。 

Wrapping up with a quick look at the stock market

股市收盘情况

  • Chinese stocks fell on Tuesday as concerns over the country’s worsening COVID-19 situation overshadowed optimism from recovering service activities. The benchmark Shanghai Composite closed almost flat, and the Shenzhen Component was down 0.41 percent. Hong Kong’s Hang Seng rose 0.1 percent while the TECH index dipped 0.47 percent.

    周二A股集体收跌。截至收盘,沪指跌0.04%,深成指跌0.41%,创业板指跌0.34%。两市成交额约11700亿元,连续9个交易日破万亿。港股恒生指数收涨0.1%,恒生科技指数收跌0.47%.

Biz Word of the Day

财经词汇划重点

  • Futures are derivative financial contracts that obligate parties to buy or sell an asset at a predetermined future date and price. The buyer must purchase or the seller must sell the underlying asset at the set price, regardless of the current market price at the expiration date.

    期货是包含金融工具或未来交割实物商品销售(一般在商品交易所进行)的金融合约。期货是一种跨越时间的交易方式,买卖双方通过签订标准化合约(期货合约),同意按指定的时间、价格与其他交易条件,交收指定数量的现货。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZENG Libin, JIA Yuxiao,

Sound Editor: JIA Yuxiao

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

Presented by SFC

编委:  于晓娜

策划、编辑:李艳霞 

播音:李莹亮

撰稿:李莹亮、曾丽镔、贾雨逍

音频制作:贾雨逍

设计:郑文静、廖苑妮

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