A pig breeder in Liaoning Province rides a 450-kilogram pig. With China's pig market still restricted in efforts to control the spread of African swine fever, the breeder said he hopes his pig riding will attract buyers. Photo: VCG

China Monday announced measures to extend credit support and provide short-term interest subsidies to pig breeding farms, a move that aims to stabilize pork production and ensure supply in the market amid the breakout of African swine fever (ASF).

Agricultural credit guarantee companies at the provincial level should actively provide credit guarantee services for pig breeding farms and large-scale pig farms, read a notice jointly issued by the Ministry of Agriculture and Rural Affairs and the Ministry of Finance on Monday. 

Policy credit entities should also extend guarantees for farmers and lead financial institutions to extend financing without repaying the capital, the notice said. The balance of guarantees provided to a single farm should not exceed 10 million yuan ($ 1.45 million), while guarantee projects valued at between 2 million and 10 million yuan will be entitled to subsidies and business rewards.

Local governments should also provide short-term loan interest support to pig breeding farms and large-scale pig farms, involving loans for feed purchases, as well as sows and piglets. The amount of the loan interest subsidy should be no more than 2 percent of the total loans, the notice said. 

Since China reported the first case of ASF in August, 129 outbreaks had been detected of April 22. 

In April, the pork price soared 14.4 percent year-on-year, according to data from the National Bureau of Statistics.