News eDaily13 Aug 2018

China:Govt introduces farm insurance for grain seeds

13 Aug 2018

China has included the production of rice, corn and wheat seeds into a fiscal subsidy programme for agricultural insurance.

Farmers, rural cooperatives and companies engaging in the production of the seeds will be subsidised by the central government on their agricultural insurance premiums, according to a document released by the Ministry of Finance, Ministry of Agriculture and Rural Affairs, and CBIRC.

The move aims to "promote long-term, sustainable development of the seed industry, ensure stable seed supply for major grain crops and safeguard national grain security", reports the Xinhua news agency.

The insurance should cover possible losses in yield or quality due to natural disasters, plant diseases and pests, and other risks, according to the document.

China is the world's second largest agricultural insurance market after the US. In 2017, agricultural insurance premiums reached CNY47.9bn ($7bn), up 14.7% year on year.


 

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