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China to invest RMB 1.23 trln in agriculture this year

Mar. 5, 2012 (China Knowledge) - China plans to invest RMB 1.23 trillion in agriculture this year, RMB 186.8 billion more than that of 2011, said Premier Wen Jiabao at the 5th Session of the 11th National People's Congress held this morning.

China's National Development and Reform Commission, NDRC, noted the country's grain output would still exceed 500 million tons in 2012, following steps of producing a record 571.21 million tons last year.

This year, China aims to yield 6 million tons of cotton, 126 million tons of sugar crops, 32.8 million tons of oilseeds and 81 million tons of meat.

NDRC added the central government will start to purchase and storage crops, including corns, soybeans, rapeseeds, cotton and pork, at the proper time, this year.

In 2011, China's meat output climbed 0.3% year on year to 78.03 million tons, including 50.53 million tons of pork, down 0.4% from a year earlier. Cotton output for last year totaled 6.6 million tons, soaring 10.7% year on year.

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