China’s Ministry of Finance has announced an investment of Rmb4.93bn (US$790m) to finance agricultural projects, according to Xinhua News.
The state media agency has reported that China’s Ministry of Finance plans to invest in 4,238 agricultural projects including 1,445planting and 1,369breeding bases as well as processing plants, with livestock, grain and vegetable businesses being prioritised for access to the funds.
The Ministry said that the funds would boost investment in the sector with additional investments expected from regional governments, self-raised funds and bank loans.
The announcement is just one of several investments the government is making amid an economic slowdown in China, with the country's gross domestic product (GDP) grew at 7 per cent in the first quarter of 2015 – the slowest growth in six years, according to Reuters.
China’s premier Li Keqiang told a press conference on Tuesday that the government was confident it would secure China’s economic growth amid an economic slowdown, adding that the government was working to ease market access in China to encourage more foreign investment.
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