China's Recent Agriculture Development Measures Not to Result in Imports Decline

Vincent Martin, a representative of the UN Food and Agriculture Organization (FAO) in China stated that China’s import demand will not decline in the near future due to the population growth, income increase and change on consumption structure.

MOSCOW (Sputnik) — The full-scale agricultural modernization announced by China will not result in country's imports decline in the near future and will not affect the balance on grain prices between national and global markets, a representative of the UN Food and Agriculture Organization (FAO) in China told Sputnik Monday.

"China has been making great efforts to improve its agricultural production and to increase the yields of grain and other agricultural products. However, in view of the increasing rigid demand on agricultural products, which is brought by the population growth, income increase and change on consumption structure, China’s import demand will not decline in the near future," Vincent Martin said.

Earlier in October, the Chinese government released its National Agricultural Modernization Plan for 2016-2020. According to the plan, over the next five years, China will conduct structural reforms in spheres of planting, animal husbandry and fisheries. The modernization is aimed at reducing labor costs, growth of efficiency and development of new agriculture technologies.

According to Martin, for these purposes, the Agricultural Development Bank of China intends to allocate at least three trillion yuans (over $440 billion) by 2020.