June 30, 2012

China to fund farmland quality development with US$94 billion

China would spend RMB600 billion (US$94.39 billion) in the 2011-2015 period to develop high-standard cropland nationwide, stated the Ministry of Land Resources (MLR) and the Ministry of Finance.

Yan Zhiyao, director of farmland protection department under the MLR, said that the investment would be earmarked to ensure good harvests by providing maximum protection against droughts and floods.

The move is another measure by China to ensure grain safety alongside maintaining total farmland area at a minimum of 120 million hectares.

Currently, superior farmland area accounts for 2.7% of China's total arable land, while high-quality cropland represents 30%, and middle and low quality farmland takes up 67.3%.