April 16, 2009
China to invest US$43.9 billion to increase grain output
China is expected to invest about US$43.9 billion to raise its annual grain output by 50 million tonnes by 2020, according to an expert with the National Development and Reform Commission (NDRC).
The country's State Council recently approved the plan to raise the national annual grain production capacity to more than 550 million tonnes by 2020, an increase of 50 million tonnes over the next 12 years in order to guarantee grain security.
Official statistics showed that China achieved five consecutive years of bumper harvest stretching from 2003 to 2008 with the country producing about 528.5 million tonnes of grain last year.
The expert added that about 60 percent of the funds will be invested in large water conservancy projects.
