September 24, 2007

China offers RMB1.3B in subsidies to raise soy, rapeseed output
 

China will provide RMB1.3 billion in subsidies to people involved in oilseeds planting to encourage them to develop better types of soy and rapeseeds, in a bid to boost production, the official Xinhua News Agency reported late Sunday, citing the Ministry of Agriculture.

Of the amount, RMB300 million will be used to encourage the development of a better variety of soy and RMB1 billion for a better variety of rapeseeds.

China's State Council said last week it will encourage farmers to increase the amount of acreage planted to oilseeds, including soy and rapeseeds.

China aims to increase total oilseeds output by around 14 percent and the unit yield of oilseeds by about 6 percent by the end of 2010, the report cited the ministry as saying.