China Economic ReviewThe central government waived the special agricultural product tax, previously levied at 8% on farmers who produce special products such as fruit, aquatic products and mushrooms. The tax accounts for a small portion of government revenue but was a heavy financial burdens for farmers, who have suffered consecutive annual falls in their income growth. Per […]
The 320 agricultural chemicals that the EU banned from December 31, 2003, account for more than half of the total number of pesticides produced and used in China. Aside from the chemicals themselves being banned in Europe, it is widely speculated that Chinese produce, upon which the chemicals are widely used, will also suffer from […]
China decided to allow imports of genetically modified soybeans from the US. The move was widely seen as a goodwill gesture to trim the bilateral trade deficit between the two countries. The news was announced by a senior US official who said that China would offer life-long approval for imported US soybeans, worth US$2 billion […]
Government experts called for a new agricultural financing system to combat the shortage of capital in rural areas. Last year, farming projects and township enterprises accounted for 10.6 percent of loans from the banking sector, but contributed 46 percent of the country's GDP. The urban-rural average annual income ratio was about 3.11 Only 25 percent […]
As prices of major agricultural commodities, including rice, wheat, corn and oilseeds, started soaring in mid-October, fears were raised of a grain shortage and possible inflation as a result. The price rises are due to decreased grain production and market speculation that saw prices for products such as edible oils rise as much as 86 […]