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SIAL Shenzen|China's Agricultural Market in 2023 Has Abundant Supply and Stable Prices

2024.02.28

SIAL Shenzhen reports that recently the State Council Information Office held a press conference to explain the macroeconomic status and policies in which the spokesperson in charge of the National Development and Reform Commission said that in 2023, China's economic development showed "stability" and "momentum". That is, the economic operation is picking up pace and improving, the economic structure is further adjusted and optimized, and high-quality development is advancing in a solid manner. Employment and prices are basically stable, with the number of new urban jobs expected to reach more than 12 million for the year, and residents' incomes continuing to grow. Annual grain output of 1.39 trillion pounds, another record high, for nine consecutive years to remain above 1.3 trillion pounds.

In 2023, China's price level is generally stable, the consumer price index, also known as CPI, rose 0.2%, the rate of increase narrowed comparing with 2022 . In specific categories, energy prices fell 2.6% last year, directly driving the overall annual CPI decline of about 0.2 percentage points. Food prices were affected by imported, seasonal, cyclical factors, with the rate of rise declining from 2.8% in 2022 to -0.3% in 2023, directly leading to an overall decline in annual CPI of about 0.06 percentage points.

The price of grain and edible oil prices rose slightly in a stable manner, and the price of fresh fruit rose 4.9% year-on-year, but the price of pork experienced a cyclical decline, down by 13.6% year-on-year, that of fresh vegetables down by 2.6% year-on-year. In a comprehensive view of all parties, China's agricultural market had sufficient supply, smooth logistics, good market order, and stable prices.

According to SIAL Shenzhen, in the next step, the National Development and Reform Commission will work with the relevant parties to closely track the trend changes of market supply, demand and price to ensure the production and supply of important staple commodities. The production and marketing, import and export and all the other aspects of the work will be regulated to ensure abundant market supply and stable prices. It is expected that, with the gradual weakening of the base and cyclical effects, the steady recovery of market demand, and the continued effectiveness of policies will benefit agriculture and rural areas, and food prices will be stable.

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