Over the next four years the Chinese government will invest 3 trillion yuan ($450 billion) into developing the country’s agriculture, the official state news agency Xinhua reports.
The state-run Agricultural Development Bank of China and the Ministry of Agriculture have agreed to protect national food security, develop China’s seed industry and support the industry via overseas businesses, according to the agency.
The step also aims to raise the efficiency of Chinese agriculture and improve rural incomes.
The Agricultural Development Bank, one of China’s main policy lenders, will provide the finance including setting interest rates and offering financial products.
Earlier this year, the bank said it would lend 3 trillion yuan to agriculture as a way to reduce poverty. The agency didn’t say if the current commitment was separate from the plan.
This month, China’s state-owned ChemChina chemical corporation raised its bid to takeover Swiss agrochemicals and seed supplier Syngenta to $43 billion. The deal triggered food security concerns in the United States, but the US national security panel has approved the deal.