Agricultural directives

The Chinese Government has ordered the full implementation of rural and agriculture policies to ensure stable agricultural development and a sound development basis for next year.

The State Council last week outlined the policies, which include subsidies for crop production, ensuring the rights of rural workers and farmers who have handed their land to the government and assisting rural students in poor families.

Water conservancy projects will be accelerated to ensure living and irrigation water supplies for next year, and sufficient supplies of seed and fertilizer will be allocated, according to an instruction issued at a State Council executive meeting presided over by Premier Wen Jiabao.

Overseas investments

The National Council for Social Security Fund (SSF) last week awarded 10 foreign fund managers the intensely sought after mandates to invest more than US$1 billion into overseas stocks and bonds for the first time.

SSF currently manages around 200 billion yuan (US$25.3 billion) in the welfare fund, of which US$1 billion has been earmarked for overseas investment.

Some 84 fund managers from around the world competed for the mandates. Two of the 10 winners are asset management companies owned by Allianz, Germany's biggest insurer, and two others are part of AXA, France's top insurer.

SSF posted the names of the 10 winners on its website last Wednesday.

Xiang Huaicheng, chairman of the SSF, says the appointments mark a historic step for his fund.

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