China to increase agricultural investment

BEIJING -- China plans increased spending on agriculture to boost rural development, it was announced Wednesday.

"The agricultural sector will be a key area for fixed-asset investment, " said a policy document released by the Communist Party of China Central Committee and the State Council.

The government will channel more funds to poor farmers, construction of irrigation programs, industrial convergence in rural areas, and wholesale produce markets.

The central authorities pledged financial aid to key areas including farmland protection and the increase of grain production, according to the document.

The government will also encourage financial institutions to make more loans to agriculture businesses.