China to issue special bonds to vitalize rural areas

China will encourage the issuance of special bonds by local governments to finance rural vitalization projects as part of efforts to boost rural industries and increase farmers' income.

A farmer harvests wheat in Anyang, Henan Province. [File photo: IC]

The country will increase the proportion of land use revenue reinvested into agricultural industries and rural areas, according to Wei Baigang, an official with the Ministry of Agriculture and Rural Affairs.

Financial services for small and medium enterprises will be strengthened, while favorable policies will be rolled out to ensure land use for rural industries, he said.

The measures are among the ongoing government efforts to vitalize the countryside, with authorities issuing guidelines this year to boost rural industries and improve rural governance.

Recent data showed that the per capita disposable income for rural residents reached 7,778 yuan (about 1,133 U.S. dollars) in the first half of this year, up 6.6 percent after deducting price factors, faster than the 5.7-percent growth for urban residents.

The country will continue to increase farmers' income by creating jobs for rural workers near their home, expanding investments in rural areas and increasing the profitability of rural industries.