China to further invest in agriculture through 2010

China will further increase investment in the agricultural sector with RMB818.3 billion (US$119.85 billion) in 2010, up RMB93 billion (US$13.62 billion) against last year.

According to China's Premier Wen Jiabao, the country would further improve farming infrastructure in rural areas, develop agricultural science and technology, and encourage modern farming techniques.

Wen said that local governments' investment in the agricultural sector also needs to be enhanced, also promising a continuous increase in rural incomes.

He noted that the government will spend RMB133.5 billion (US$19.55 billion) to subsidise agricultural production, a year-on-year increase of RMB6.04 billion (US$884.67 million). In addition, offering a rise of RMB0.06-0.20 in the minimum price of rice per kilogramme and a RMB0.06 rise for wheat.

China's investment in agriculture in 2009 reached RMB725.3 billion (US$106.23 billion), up 21.8% year-on-year, according to Wen.

Meanwhile, he also believes that the input in the agriculture sector will be further improved in 2010.