China is expected to increase the amount spent on agricultural development and farmers’ income in a reported Communist party economic plan to more widely distribute income.
The Indo Asian News Service reported the government is stepping up fiscal spending related to internal farming income.
IANS reported that Xie Xuren, minister of finance, said Sunday that “fiscal spending from the central government for agriculture-related projects and farmers is likely to top 1.04 trillion yuan (over $160 billion) this year,” which represents about a 23 percent increase compared to last year.
A focus of the Chinese investment is water projects and facilities such as small reservoirs so that water is available for irrigation.
“The central government has also urged financial institutions to increase lending to agriculture-related businesses through incentive policies, Xie said at a national finance work conference held Sunday in Beijing,” IANS reported.