3/3/2021 Financial News: Food Security Emphasizes, Reliance On Imported Livestock and Poultry Breeds

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1.Top Leaders in Communist China Emphasizes Food Security

At a teleconference on Tuesday, Premier Li Keqiang emphasized that Communist China should stabilize pig production, prevent and control major animal diseases and pests, promote the seed industry, and increase high-quality farmland. Li also called for ensuring the national food security and supply of major agricultural products.

Hu Chunhua, Vice Premier of the State Council pointed out that it is necessary to accelerate the development of the seed industry, modernize agricultural production, stabilize the production of live pigs, accelerate the production of cattle and sheep, and focus on the production of poultry and aquatic products.

Comment: This is not the first time top leaders emphasized food security this year. Reuters reported that the Central Document No. 1 issued on February 21 emphasized the issue of food security issues and required Chinese provinces to increase food production during the period 2021-2025.

2.Communist China’s Reliance on Imported Breeds in Livestock and Poultry Industry

Chicken and pork are the most common meat products in Communist China. More than 4 billion white feather broilers are produced every year, but the breeds are completely imported from abroad. Lean pigs account for more than 90% of the pork market, but the market share of native pigs or crossbred pigs with native pigs is less than 10%.

When the imports of livestock and poultry breeds are interrupted, there will be a chain reaction from farms to poultry markets to the dinner tables, affecting the food supply in Communist China. This issue was raised by the participants of the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC), Communist China’s biggest political gatherings that are scheduled to take place in early March.

3.Crackdowns on Fake and Inferior Seeds

Beijing (Reuters) – Communist China’s Agriculture Ministry issued a notice calling for a nationwide crackdown on the production and sale of counterfeit and low-quality seeds while the government pushes for food security. Rice producing regions in southern China, Beijing, Shanghai, and the provinces of Guangdong and Shandong should strictly control seed quality.

4.Shenzhen Implements the Country’s First Personal Bankruptcy Regulation

The Personal Bankruptcy Regulation of Shenzhen Special Economic Zone was enacted on August 31, 2020 and went into effect on March 1, 2021. This is Communist China’s first regulation on personal bankruptcy.

The law allows Shenzhen residents who cannot pay their debts to apply for personal bankruptcy if they have paid social insurance in the city for at least three consecutive years. Creditors owing more than 500,000 yuan ($70,228.66), may apply to the court for bankruptcy liquidation of the debtor.

5.Communist China’s Refined Oil Prices Expect Eight Consecutive Rises

The average price of reference crude oil continued to rise. On March 3, the domestic retail price of refined oil products may experience “eight consecutive rises.” According to statistics from Zhuo Chuang Information, since November 19, 2020, domestic gasoline and diesel price has risen seven consecutive times. If this increase is implemented, it will be the first “eight consecutive rises” since the implementation of the new pricing mechanism for refined oil products on March 26, 2013. It is estimated that the retail price of domestic gasoline and diesel will be increased by 1450 yuan and 1405 yuan per ton, respectively.

6.“All Available Tools” To Be Used Against Communist China’s Trade Practices

According to a report released by the Office of the U.S. Trade Representative on Monday, Biden’s administration will use “all available tools” to fight CCP’s unfair trade practices. The report outlined the new U.S. administration’s trade agenda but did not specify the tools that the administration will use. It pointed out the need for a comprehensive strategy and more systematic approach to address the Communist China challenge and its “detrimental actions” such as barriers to restrict market access and unfair subsidies. Biden’s administration will cooperate with partners and allies to make sure that Communist China lives up to its trade obligations. In addition, the administration will make it “a top priority” to address Communist China’s forced labor programs targeting Uighur Muslims and other minority groups.

7.OPEC+ Ready to Agree on Production Increase

OPEC+ is ready to agree to a production increase this week in order to cool a rapid rally in crude prices. An agreement to hike OPEC+ supply would be the latest sign that the global economy is recovering from the damage wrought by the coronavirus pandemic. Brent crude fell in London for a fourth-straight session on Tuesday, dropping 1.6% to $62.70 a barrel. The global oil benchmark was still more than 20% higher for the year. The Organization of Petroleum Exporting Countries and its allies will debate this week whether the cartel will increase collective output by 500,000 barrel-a-day in April. How Saudi Arabia will phase out the extra supply reduction of 1 million barrels a day in February and March will also be discussed.

By 【Financial Team – Kate】

News Collection: Wendy 、Sharon、Kate

Proofreading: Tracy

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