China gives 270 mln yuan in bank loan subsidies to nation's stricken dairy companies

China's Ministry of Finance (MOF) said Friday it had given 190 million yuan (28.4 million U.S. dollars) in bank loan subsidies to the nation's dairy companies to ease their financial pressures this year.

Another 80 million yuan in such subsidies were also paid to the dairy companies last year, a statement on the ministry's website said.

The subsidies will not only help dairy companies stabilize production and normalize their purchases of raw milk from dairy farmers, but also play a positive role in stabilizing raising of milk cattle and protecting farmers' interests, the statement said.

Source: Xinhua