China’s Ministry of Agriculture Policy is Aimed at Modernization of Countryside Economy

Forex News

Han Changfu (Minister of Agriculture and Rural Affairs of China) spoke at a forum in Boao, which was named "Asian Davos". According to the politician, China should take "extraordinary measures" to help revive the countryside and prevent the decline of its rural economy in conditions of continued urbanization. China needed to modernize its agricultural sector, as well as support entrepreneurs in returning to rural areas and start a business.

The Ministry took on additional authority to invest in the agricultural sector as part of a large-scale government renewal launched last month, as the restoration of the rural population was one of the main priorities of the Ministry of Agriculture. China has promised to tackle a wide urban-rural income gap, with average annual disposable income in the countryside at 13.432 yuan ($2.130) last year, compared to 33.834 yuan in urban areas.

According to official government figures, China's permanent urban population reached 813.47 million by the end of 2017, amounting to 58.5% of the total population and up nearly six percentage points in just five years. A total of 101.65 million rural people have become permanent urban residents since 2012.