China plans internationally competitive agricultural firms

BEIJING - China will aim to establish a number of internationally competitive agricultural firms by 2020, the State Council said on Tuesday.

It released a guideline on land reclamation reforms saying, "By restructuring reclamation areas and innovating in the operation mechanisms of farms, China aims to build a number of large-scale agricultural groups that are effectively managed and adaptable to the market economy."

"The reforms on land reclamation are not only important to national food security and the development of modern agriculture, but are also crucial for China to compete with multinationals in the agricultural field," said Han Changfu, Minister of Agriculture.

The guideline also encouraged Chinese reclamation firms to step out of the country through establishing joint ventures with foreign firms or conducting mergers and acquisitions, and stressed the importance of introducing advanced technology and management mechanisms to domestic firms.

China has spent 20.36 billion yuan ($3.2 billion) in 2015 developing modern agriculture, the Ministry of Finance said on Tuesday.