The mainland's dead pigs story has been viewed with some interest by some financial institutions in Hong Kong, and not just out of morbid curiosity.
The big fear, as CLSA observes, is that the number of dead pigs will grow considerably. In 2007, the number of pigs infected with blue ear disease grew 8,000 times the official figures and it will be recalled that the price of pork jumped 85 per cent in a year, contributing to inflation and causing the mainland authorities to release supplies from its strategic pork reserve.
The mainland's pig industry is delicately balanced and doesn't take much to throw it out. If, as is feared, the current numbers rise, the price of pork could increase significantly, adding to inflation.
Analysts are already whispering the "i" word, and if this materialises, then it would put the authorities in an uncomfortable position. They might be forced to take action to restrain inflation, which in turn could put the brakes on economic growth at a time when they would rather be easing it.
That aside, CLSA's pig research has been enhanced by the existence of the China pig database, which is maintained by Simon Powell, the head of oil and gas research. He assures all that an accurate count of the pigs on the mainland is integral to his call on PetroChina.