Gravitas: Panic buying in China

[Azadkashmir]

 

[MH.Yang]

Because the number of newly increased COVID19 cases reached 70 +, the govt asked us to hoard goods at home and prepare for the closure of cities and PCR for the whole people.

The situation is not very good, but at least prices have not risen in China, except vegetables.

This matter has nothing to do with Taiwan. It's a rumor.

 

[Black Tornado]

Some news regarding it was posted on internet a few days back as well

Analysis: How a warning about food supply sparked panic buying in China

Few issues are more important to Beijing than food security. For centuries, China's rulers have grappled with the challenges of feeding a large, expanding population. Droughts, floods and famines feature prominently throughout Chinese history — and rebellions launched by starving peasants...

edition.cnn.com

China's call to stock up sparks Taiwan war rumors and panic buying

Official media scrambles to reassure public that there is no looming crisis

asia.nikkei.com

 

[Stranagor]

In response to the panic-buying, the Ministry of Commerce emphasized that supplies of daily necessities are fully guaranteed. Except for abnormal changes in the cost of a few goods caused by supply issues during one or two specific periods, prices of daily necessities have been stable in recent years, while any increases have been below average wage growth. China's Engel’s Coefficient -- an indicator of the proportion of income spent on food -- fell from 30.1 percent in 2016 to 28.2 percent in 2019.

According to data from the Ministry of Agriculture and Rural Affairs, China’s grain output was 670 million tons last year, the highest in the world. Output of vegetables was 721 million tons in 2019, showing sustained growth and making up more than half of global production. China's fruit crop was the biggest in the world again last year at 287 billion tons, accounting for over 30 percent of the global market.

No Need for Panic-Buying in China as Supplies Are Ample

www.yicaiglobal.com