China intends to invest the equivalent of $450 billion to modernize the nation’s agriculture sector. Politico reports the investment over the next four years is an effort to increase China’s agriculture industry’s efficiency and foster rural income growth. The Agricultural Development Bank of China said over the weekend that the bank had signed an agreement with China’s Ministry of Agriculture regarding the investment. The Ministry says the agreement will protect national food security, support the sector doing business overseas and develop China’s seed industry. However, as reported in China, it is not immediately clear whether this commitment is separate from the bank’s plan announced in May for poverty reduction in China via agricultural investments.
From the National Association of Farm Broadcasting news service.