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China grants $417mn for agriculture industrialisation
July 5, 2013, 4:47 am

[Xinhua]

The funds will help boost the supply of farm produce and the income of farmers, according to the Ministry of Finance [Xinhua]

China is stepping up an industrialisation drive for its agriculture sector with a subsidy of 2.58 billion yuan ($417.31 million).

The funds will cut lending interest rates for agricultural projects to boost the supply of farm produce and the income of farmers, according to China’s Ministry of Finance.

The world’s most populated country faces worries over consumption outpacing agricultural production.

“China’s consumption growth will slightly outpace its production growth by some 0.3 per cent per annum, similar to the trend of the previous decade,” the UN food agency FAO and OECD said in a report for 2013.

According to the UN, China is on track to achieve the UN’s Millennium Development Goal of reducing poverty and hunger by 50 per cent by 2015.

Thirty provinces, autonomous regions and provincial-level municipalities are being targeted by the subsidy, as well the cities of Dalian, Ningbo and Qingdao.

An additional 100 million yuan will be provided for food safety risk surveillance in 20 locations, said the ministry.

With inputs from Agencies

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