The widespread African swine fever outbreak in China has decimated many farmers. In an effort to stabilize the industry, China urged provincial authorities to offer financial support for farms and large-scale pig farms, Reuters reports.
Credit providers should actively provide credit guarantee services to breeding farms and large-scale farms that produce more than 5,000 head, said the Ministry of Agriculture and Rural Affairs on its website.
The ministry called for guarantees on expiring loans to be extended for farmers. It also urged a simplified loan guarantee process, shorter processing times and a 2% cap for interest rates on bank loans for farming companies, according to the release.
China’s breeding herd fell by 22% in April from a year ago, the largest drop ever. Many industry leaders say the numbers are conservative, but they do raise worries of a shortage of pork in China.
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