The Chinese Government will invest nearly 5 billion yuan (US$806 million) in agricultural projects this year to support the country’s economy, Chinese state-run news agency Xinhua reported.
China’s Ministry of Finance on Monday said that the Central Government planned to provide 4.93 billion yuan to finance a total of 4,238 agricultural projects this year.
Leading agricultural enterprises, as well as distinctive agricultural products involving livestock breeding, grains, oil, and vegetables were listed as priority areas for financial support, according to the report.
Xinhua noted: “China is beefing up investments to secure economic growth amid slowdown”. The country’s gross domestic product expanded at the slowest pace in six years, measured at 7 percent in the first quarter. China’s State Council has since May released at least 12 documents on economic growth initiatives, ranging from manufacturing upgrades to asset securitisation, the report added.
The Central Government would also encourage further investments of 2.58 billion yuan from local governments and 10.39 billion yuan from bank loans in support of agricultural projects this year, the Ministry said.
