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China allocates 600 m yuan to encourage output and boost food security
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Wednesday, 23 October, 2013, 08 : 00 AM [IST]
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fiogf49gjkf0d The government of China has allocated 600 million yuan ($97.88 million) to encourage food output and help boost China's food security, the Chinese ministry of finance announced on Monday.
The funds have been allocated to five major agricultural provinces of Heilongjiang, Liaoning, Shandong, Anhui and Jiangxi to subsidise food production and upgrade agricultural technology, according to the ministry.
The funds will be used to encourage banks to increase lending to rural areas, to improve farming conditions and farmers' productivity, it stated.
China's grain output this summer, mostly wheat, hit a record high of 132 million tonne, the National Bureau of Statistics (NBS) said.
The production of maize, harvested in autumn, is expected to hit a record high of 215 million tonne, according to the state administration of grain.
The country's grain output rose 3.2 per cent year-on-year to hit 589.57 million tonne in 2012, marking the ninth consecutive year of growth, according to NBS data.
Source: Xinhua
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