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South China Morning Post
31 minutes ago
- South China Morning Post
Plunging pork and poultry prices put pressure on Chinese farmers
China's major protein categories – from pork to poultry – fell into a severe state of oversupply in the first half of this year, with prices declining across the board and widespread losses throughout the supply chain. Analysts said weak end-market demand and high inventory levels are weighing heavily on the breeding sector, and that while marginal improvements are expected in the second half of the year, the overall scope for recovery remains limited. The trend highlights the fragility of China's economic recovery under persistent deflationary pressure, with losses now common among livestock farmers. Many farmers have taken to social media to lament their plight. 'I haven't made any money since February, and I can't afford to replace the cages even though they're broken,' a farmer in Shandong province said on Monday in a post on Douyin, China's version of TikTok, adding that she was losing over 300 yuan (US$42) a day on her more than 6,000 egg-laying hens. China's consumer price index, a key gauge of inflation, entered positive territory in June for the first time since January, but food prices were down 0.3 per cent year on year, the fifth straight month of decline, Lynn Song, Greater China chief economist at Dutch bank ING, said on Wednesday. Most types of food remained in deflationary territory, with the price of pork, down 8.5 per cent, and the price of eggs, down 7.7 per cent, exerting the most downward pressure. Aquatic products, up 3.4 per cent, and fruit, up 6.1 per cent, were among the few categories that saw price increases.
South China Morning Post
2 hours ago
- South China Morning Post
Economy main focus at Hong Kong leader's meetings with advisers ahead of policy address
Hong Kong's leader held meetings with his advisers, including a mainland Chinese economist and two tech experts from a Hangzhou start-up known as 'Six Little Dragons', ahead of his annual policy blueprint to gauge views on how to maintain the city's status amid growing geopolitical tensions. The John Lee Ka-chiu-led lunch meetings took place between Wednesday and Friday, marking the first official gathering of the Chief Executive's Council of Advisers, following the appointments of Han Bicheng, CEO of BrainCo, which specialises in brain-machine interfaces, Wang Xingxing, founder and CEO of humanoid robot maker Unitree Robotics, and Zhu Min, ex-deputy director of the International Monetary Fund. The government said on Saturday that the council conducted in-depth discussions under three major themes – economy, technology, and regional and global ties – for Lee's fourth policy address scheduled for September and the city's overall development. Regarding the economic advancement and sustainability, the council exchanged views on how to consolidate Hong Kong's position as an international financial, shipping and trade centre amid geopolitical changes and economic restructuring. They also discussed ways to speed up the development of the Northern Metropolis, and proactively attract capital and talent to drive innovation and technology growth in Hong Kong. The Northern Metropolis blueprint aims to turn 30,000 hectares (74,132 acres) of land into a new engine for economic growth with a population of about 2.5 million and around 650,000 jobs. The regional and global collaboration discussion focused on leveraging the national development to strengthen ties with countries along the Belt and Road, while also exploring emerging markets, such as the Middle East, Asean, South America, and Central Asia, for new business opportunities.
South China Morning Post
3 hours ago
- South China Morning Post
China's garment makers cut out of US market as tariffs bite: ‘caught off guard'
Zhang, a yoga apparel exporter based in the southern Chinese city of Dongguan, has suffered a series of painful setbacks since the US-China trade war intensified earlier this year. 'This latest round of US tariffs hit harder than previous ones – it really caught us off guard,' said Zhang, who declined to give her full name for privacy reasons. The business managed to navigate earlier phases of the trade war by re-routing some shipments via Vietnam and pivoting to supplying China's booming e-commerce platforms, which were able to send goods to America duty-free thanks to the 'de minimis exemption' for small packages 'But just as we were gaining ground and on track to double our profits, Trump's tariffs came in and shut the door,' Zhang said. Since April, the Trump administration has not only raised tariffs on Chinese goods to about 42 per cent on average, according to Morgan Stanley estimates, but also removed the de minimis exemption and pressured Vietnam and other nations to clamp down on Chinese transshipment The moves have hit Zhang's business hard. Her regular US clients have put their orders on hold for the past two months, as they 'watch how the policy unfolds', she said.
