During the 12th five-year Plan period, the central government arranged investment in agricultural infrastructure to exceed one trillion yuan.
Xinhua Agency, Beijing, November 2 (Reporter Lin Hui)-Zhang Baowen, vice chairman of the Standing Committee of the National People's Congress, introduced on the 2nd that during the "Twelfth Five-Year Plan" period, the central government arranged agricultural infrastructure investment of more than 1 trillion yuan.
Zhang Baowen reported to the Standing Committee of the National People's Congress on the same day that governments at all levels increased investment in supporting agriculture in accordance with the provisions of the Agricultural Law. From 2010 to 2014, the national general budget for agriculture, forestry and water expenditure totaled 5.7272 billion yuan, an average annual increase of 14.6%. In 2015, the national budget allocated 1,695.3 billion yuan for agriculture, forestry and water, an increase of 11.4 percent over the previous year. During the 12th Five-Year Plan period, the central government arranged investment in agricultural infrastructure of 1,079 billion yuan, an increase of 499 billion yuan over the 11th Five-Year Plan period.
Zhang Baowen introduced that in recent years, China's agricultural credit investment has continued to increase. In 2014, the balance of agricultural loans of banking financial institutions was 23.6 trillion yuan, accounting for 28.1% of all loans, with a year-on-year growth of 13%. At the end of August 2015, the balance of agricultural loans of banking financial institutions was 25.3 trillion yuan.
Zhang Baowen also introduced, China's agricultural insurance service coverage gradually expanded, covered crop area 1.17 billion mu, insured farmers 247 million times. The capital market has started to serve modern agriculture. At present, 58 agricultural enterprises have raised 71.5 billion yuan in the A-share market, and 226 agricultural enterprises have issued 838 billion yuan of debt financing instruments in the inter-bank bond market.
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