Finance Minister Calls for Further Funding Agriculture, Rural Areas

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Last updated at: (Beijing Time) Thursday, March 06, 2003

Finance Minister Calls for Further Funding Agriculture, Rural Areas

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China's central government will further increase funding for agriculture and rural economic and social development, said Xiang Huaicheng, minister of finance said Thursday, when delivered the Report on the Implementation of the Central and Local Budgets for 2002 and on the Draft Central and Local Budgets for 2003 at the First Session of the Tenth National People's Congress.

The minister said that accelerating agricultural and rural economic and social development is essential to building a well-off society in an all-round way, maintaining sustained, rapid and sound development of the national economy and ensuring long-term stability of the country.

The central authorities have decided that in addition to allocating more treasury bond funds to rural areas, experimentation with the reform of taxes and administrative charges will be extended to all rural areas in 2003, according to the minister.

Funds totaling 30.5 billion yuan will be specially transferred from the central budget to subsidize this reform, an increase of 6 billion yuan over 2002.

In addition, the central financial authorities will continue to increase the budgetary funds for the construction of infrastructural facilities, ecological improvement, rural anti-poverty endeavor, spread of improved strains of crops, establishment of a quality and safety standard system and an inspection system for agricultural products, and the strategic restructuring of agriculture.

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