China earmarks nearly 5b yuan for agricultural investments

BEIJING -- China has earmarked a large fund to invest in agricultural industrialization projects this year, the Ministry of Finance (MOF) announced on Monday.

The central government plans to provide 4.93 billion yuan ($805.98 million) to finance a total of 4,238 agricultural projects, including 1,445 planting bases, 1,369 breeding bases and 914 product processing items, the MOF said in a statement posted on its official website.

Leading agricultural enterprises, superior or distinctive agricultural products involving livestock breeding, grain and oil as well as vegetables were listed as priorities for gaining access to the support, said the statement.

The MOF said the central fund will spur further investments of 2.58 billion yuan from local governments and 10.39 billion yuan from self-raised funds and bank loans.

China is beefing up investments to secure economic growth amid slowdown. At least 12 documents supporting growth were released by the State Council in May, ranging from manufacturing upgrades to asset securitization.

Data from the General Administration of Customs showed China's exports declined 2.8 percent year on year to 1.17 trillion yuan in May, while total foreign trade slipped 9.7 percent from a year earlier to 1.97 trillion yuan, marking continued pressure on the economy.

China's GDP expanded 7 percent in the first three months this year, the worst quarterly result in six years. The economy grew 7.4 percent in 2014, the slowest rate for 24 years.