China allocates 61.6 bln yuan of subsidies for 2020 farmland construction

BEIJING -- China's central government has allocated a total of 61.6 billion yuan (about $8.8 billion) of subsidies for farmland construction in 2020, according to the Ministry of Finance (MOF).

The central budget fund, accounting for more than 90 percent of that recorded in 2019, was channeled to local authorities in advance to support their construction of high-standard farmland and water conservation projects, the MOF said.

The ministry urged local authorities to compile and distribute the funds in accordance with relevant regulations and allocate the money in a timely fashion after entering the 2020 budget year.

The power to review and approve the use of the fund should be delegated to county-level governments.

For farmland construction in 2019, China issued 69.42 billion yuan in subsidies from its central budget, according to the MOF.