"Xinhua (Rongchang) Live Pig Price Index" compiled jointly by the China Economic Information Service (CEIS) of Xinhua News Agency and the Peoples Government of Rongchang District of Chongqing Municipality was unveiled in Beijing on December 27, 2017.

The price index is aimed at monitoring running status of the countrys live pig market and offering the value reference for the industry operation, according to the attendees at the index release conference.

Su Huizhi, vice president of CEIS, Lu Yanchun, director of the Price Monitoring Center of the National Development and Reform Commission (NDRC), Wang Xiaobing, director of the Information Center of the Ministry of Agriculture (MOA), and Shi Youlong, chief livestock engineer of the National Animal Husbandry Station, attended and addressed the conference.

The launch of "Xinhua (Rongchang) Live Pig Price Index" is aimed at creating an open and transparent live pig price information system. Exploring the live pig price discovery mechanism and accurately and timely monitoring the running status and development trend in the live pig market are crucial to reduce irrational fluctuations of the live pig prices. The index can offer an authoritative and effective benchmark value for production and operation of the live pig industry, said Su.

The Chongqing (Rongchang) live pig transaction market is the only national livestock and poultry market licensed by MOA, with its transactions accounting for about 8 percent of the annual live pig circulations in the country, according to Li Zhongwu, governor of Rongchang District of Chongqing Municipality.

"Xinhua (Rongchang) Live Pig Price Index" will provide participants of the live pig industrial chain, including farmers and processing enterprises, with early warnings and production guidance, and offer a quantitative basis for decision-making of the competent authorities of the industry and relevant market entities, so as to promote the supply-side structural reform in the industry and furthest reduce impacts of "hog cycle", Li added.

Sample collection of the "Xinhua (Rongchang) Live Pig Price Index" covers 31 provinces and municipalities in the country, with live pigs, piglets and boars as the main varieties for monitoring. The index is based upon a base of 100 on June 4, 2017 and will be released every Monday.

By December 17, 2017, the "Xinhua (Rongchang) Live Pig Price Index" had stood at 115.75, up 0.70 or 0.61 percent from the previous period and representing an increase of 15.75 percent from the base period.