News in brief:
– China’s agriculture and rural economy saw steady growth in 2024, with record grain production exceeding 700 billion tonnes and rising farmer incomes.
– This growth contributed to industrial revenue increases and lifted over 33 million people out of poverty.
China reported steady growth in its agriculture and rural economy in 2024, according to Zhang Xingwang, vice minister of agriculture and rural affairs.
In a press conference, covered by the country’s official news agency, Xinhua, its grain production grew to record heights. Farmers also saw their income rise while the rural economy steadied. These all positively affected the economy and society, the minister claimed.
In raw numbers, China produced more than 700 billion tonnes of grains, a new high for the country. One report said that the Asian powerhouse had produced 695.41 million tons in 2023.
The production contributed to industrial growth as large processing companies saw a rise in operating revenues, estimated to pass $2.5 trillion.
China reportedly lifted 33.05 million people out of poverty and into employment, maintaining its poverty reduction rate of more than 30 million people annually.
Farmers, in counties where people were lifted out of poverty, recorded per capita disposable income of about $1,700 in the first three quarters of 2024. Representing 6.5% while for entire rural residents, it jumped 6.3% year-on-year.
In related news, China is allegedly moving into the second phase of its plan to shield imports from the Donald Trump effect. Since 2018, it has reduced buying products from the United States and turned to Brazil, Argentina, Ukraine and Australia instead.
Coupled with its bolstering production capacity, the Asian nation seems to occupy a better position in case another trade war breaks out between it and the US.
