China's Zhongpin Receives CNY21.4 Million Cash Subsidies For Expansion

Chinese meat and food processing company Zhongpin Inc. has received two payments totaling CNY21.4 million in cash subsidies from the Chinese government to help it expand its production capacity.

Zhongpin recently received a subsidy cash payment of CNY20 million from the Chinese government to help support the development of its new plant in Tianjin. The new plant, which is under construction, will produce chilled and frozen pork and is expected to be completed in the first quarter 2010. When all the construction phases are completed in 2010, the new Tianjin plant will have a total annual capacity of 100,000 metric tons for chilled and frozen pork products.

Zhongpin also recently received a subsidy cash payment of CNY1.4 million to help support its new premium food oil plant currently under construction in Changge in Henan province.

China's policies in 2009 have encouraged meat processing companies to further modernize and improve products and processes. As Zhongpin previously announced, China's National Development and Reform Commission approved subsidies on 2009 for Zhongpin's three new pork processing projects, one project in Tianjin and two projects in Changge.

Zhongpin Inc. is a meat and food processing company that specializes in pork and pork products, vegetables, and fruit in China. Its distribution network in the China covers 20 provinces plus Beijing, Shanghai, Tianjin, and Chongqing and includes more than 3,000 retail outlets. Zhongpin's export markets include the European Union and Southeast Asia.

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