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Promising Chinese Agricultural Companies to Receive $1.4 Million in Subsidies

World 05.07.2024
Source: tass
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Authorities in the southern Chinese province of Hainan will provide promising agricultural companies with incentive subsidies of up to 10 million yuan.
Promising Chinese Agricultural Companies to Receive $1.4 Million in Subsidies
The Hainan Provincial Department of Agriculture and Rural Affairs, in collaboration with the province's finance department, has published regulations governing the use of funds to stimulate the intensive development of the region's seed and breeding industries. Specifically, the subsidies are intended for enterprises implementing important projects in the storage and use of germplasm, breeding new varieties of agricultural products, and applying scientific and technological developments for production purposes.

According to the publication, subsidies will be awarded to market entities engaged in crop production, animal husbandry, poultry farming, and fish farming. This measure is expected to accelerate the development of a breeding "Silicon Valley" in Hainan.

High-tech and dynamically developing agricultural companies can receive payments of up to 10 million yuan. Entities included in the list of leading national seed industry enterprises after 2022 are eligible for funding of up to 5 million yuan ($700,000).

According to the published information, organizations importing germplasm or certain product varieties to Hainan for integration into local agriculture can receive up to 800,000 yuan (approximately $112,000). The same applies to companies whose special status in the field of seed breeding and selection was first confirmed by competent national-level Chinese authorities. For developing new plant varieties, including rice, companies are eligible for up to 3 million yuan (about $420,000). Market entities promoting lesser-known selection products will be granted up to 1 million yuan ($140,000).

Hainan plays an important role in the scientific and production activities aimed at increasing crop yields and developing new plant varieties. The city of Sanya hosts a substantial seed breeding cluster, which is expected to become China's breeding "Silicon Valley" in the future. The provincial authorities actively encourage international projects in this field and regularly hold exhibitions and conferences with leading experts from around the world, including Russia.
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