7 days ago
- Business
- South China Morning Post
China's beef prices are still low – Beijing's new plan aims to wrangle up consumption
Amid falling prices and stiff competition from imports, China has unveiled plans to bolster the cattle industry – the latest in a series of policies aimed at strengthening key agricultural sectors.
China will step up its beef production and implement a quality-grading system for locally produced beef to promote consumption of high-quality versions of the meat – part of an effort announced by the nation's top economic planner and nine government departments to boost consumption of farm produce.
A top producer and consumer of agricultural products, China will unleash new consumption potential for a range of diverse, high-quality and differentiated products, while enhancing the appeal of domestic products amid increasing competition from imports, the ministries said in a plan released last week.
The nutritional structure of Chinese residents' diets is still not well balanced
Jiang Wensheng, vice-minister
'Currently, the nutritional structure of Chinese residents' diets is still not well balanced, with an insufficient intake of high-quality proteins,' said Jiang Wensheng, vice-minister of agriculture and rural affairs, at a press conference last week. 'This leaves significant room for consumption growth.'
While China's annual beef consumption has been rising steadily for the past few years, much of that demand has been met with imports, weighing on domestic prices as the local
cattle industry struggles with financial losses
The average wholesale price of beef stood at around 63.8 yuan (US$8.90) per kilogram between July 21 and July 27, according to the Ministry of Agriculture and Rural Affairs.
This marked a slight rebound from March prices of around 57.2 yuan per kilogram – the lowest in eight years – but remained 17 per cent lower than its average of around 77 yuan per kilogram before prices started slipping in 2023.
