MNI China Press Digest June 19: CSRC, Drought, EU Pork

Highlights from Chinese press reports on Wednesday:

• The China Securities Regulatory Commission will enrich policy tools to prevent abnormal fluctuations in the stock market, according to an article published by the regulator's Market Supervision Department. It will strengthen regulation in market access, daily supervision and on-site inspections, and strictly control access to listing, license issuance and product registration. The CSRC will also continue to improve expectations, steadily resolve risks in private equity funds and bond defaults, the article said.
• Authorities have launched a CNY443 million fund to address agricultural production disasters following recent droughts in seven provinces including Hebei and Jiangsu, the Ministry of Finance has announced. Officials will provide water and moisture replenishment for crops and increase fertilizer application in disaster-stricken areas, the ministry said. The government will make efforts to ensure smooth summer sowing to give a solid foundation for autumn grain production. (Source: Securities Daily)
• Beijing’s decision to investigate EU pork dumping has aggravated bullish domestic sentiment, but any final tariffs imposed will have little market impact given China imports less than 5% of pork consumed, according to Xu Hongzhi, senior analyst at Brick Agricultural Big Data. Xu expects authorities will take at least one year to publish the result of the investigation, within which pork imports will continue as normal. (Source: Yicai)