$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.