Mon­day

Septem­ber 19

China Daily (USA) - - NEWS CAPSULE -

$450 bil­lion ap­proved to mod­ern­ize agri­cul­ture

The Agri­cul­tural De­vel­op­ment Bank of China, one of the coun­try's main pol­icy lenders, agreed to loan at least $450 bil­lion by 2020 for the mod­ern­iza­tion of China's agri­cul­ture in­dus­try, state me­dia said.

The Min­istry of Agri­cul­ture and the bank, which lends in line with gov­ern­ment pol­icy, signed an agree­ment to pro­tect na­tional food se­cu­rity, sup­port the sec­tor do­ing busi­ness over­seas and de­velop China's seed in­dus­try, ac­cord­ing to Xin­hua news agency.

It was not im­me­di­ately clear whether this com­mit­ment is sep­a­rate from the bank's plan an­nounced in May to lend 3 tril­lion yuan for poverty re­duc­tion via agri­cul­tural in­vest­ments.

The Agri­cul­tural De­vel­op­ment Bank of China will be re­spon­si­ble for manag­ing fi­nan­cial ser­vices, in­clud­ing of­fer­ing fi­nan­cial prod­ucts and set­ting in­ter­est rates, said Xin­hua.

Bei­jing to be­come science, tech in­no­va­tion hub

The State Coun­cil, China's cabi­net, has is­sued a plan on trans­form­ing Bei­jing into a na­tional sci­en­tific and tech­no­log­i­cal in­no­va­tion hub.

Ac­cord­ing to the doc­u­ment, China aims to make the hub a world leader in in­no­va­tion, a growth pole for the econ­omy, and a pool for tal­ent.

The in­no­va­tion hub is ex­pected to be­come a pow­er­ful en­gine to boost the coun­try's in­no­va­tion drive by 2030, the plan said.

The doc­u­ment stresses the key role of north Bei­jing's hitech zone Zhong­guan­cun and neigh­bor­ing re­gions of Tian­jin mu­nic­i­pal­ity and He­bei Prov­ince in sup­port­ing the tech­nol­ogy in­no­va­tion hub drive.

It also called for en­hanced fun­da­men­tal re­search in cut­ting-edge tech­nol­ogy, im­proved per­son­nel train­ing and gov­ern­ment ser­vices as well as a bet­ter pol­icy en­vi­ron­ment for in­no­va­tion.

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