February 7, 2012

China grants US$15.64 billion subsidies for spring planting

China's central coffer has allocated RMB98.6 billion (US$15.64 billion) as subsidies for 2012 grain crop planting and agricultural production material purchases, according to the Ministry of Finance (MOF).

MOF asked local finance departments to give the subsidies to farmers before the spring planting season.

Chinese authorities earlier ordered an "abundant supply of fertiliser" to meet demand during the upcoming spring farming season.

The National Development and Reform Commission (NDRC), the nation's economic planning agency, and eight other ministries said in a joint circular that 15.3 million tonnes of fertiliser, held in reserve for 2012, will soon be dispersed.