Small banks in China came up with an attractive program to attract new customers. For a certain amount of new deposit or for simply opening an account, the local banks are giving the corresponding kilos of pork.
At the Linhai Rural Commercial Bank in Duquiao in Zhejiang province, individuals who deposited $1,430 or more in a three-month deposit was given the privilege to join a raffle. At stake is pork meat starting from 500 grams to several kilos.
At the same time, Dushan Rural Commercial bank in Guizhou is offering a coupon worth $1.4 of pork. Individuals who made new deposits with a minimum amount of 10,000 yuan are entitled to a coupon.
The same scheme is being conducted across rural banks in the country's Hebei province. According to reports, the scheme is getting popular among elderly depositors.
The country has yet to recover entirely from the effect of African Swine Fever which nearly wipes out all its pigs since last year. It is still hard for residents to find credible pork suppliers but the good news is that supply is expected to stabilize in time for the holidays.
The country's pig supply dipped by around 40% than it was a year ago due to ASF. Nevertheless, the pork supply jumped to about 2% in November compared to the previous month. The number of breeding sows increased by 4% in the same period.
Further, prices had fallen in for weeks in November. Officials said this is the clearest sign that the country's pig industry is on track to its recovery.
The local government has designed its programs to lure small farmers back into growing pigs again.
China, with its billions of people, is the world's largest producer and consumer of pork meat. The whole country is dependent on small farmers for pork supplies. On average, pig farms that feed the local demand produce 500 pigs a year, according to Wang Junxun, an official at the Animal Husbandry and Veterinary Bureau in the country.
On Wednesday the Ministry of Agriculture and Rural Affairs said the country may achieve balance in supply and demand during the Chinese New Year. Aside from more supplies coming from local producers, more pork imports are also expected to hit shelves ahead of the holiday months. Other meat supplies expected to hit shelves before the holidays are poultry, beef, and mutton, according to the agriculture ministry.
