China to complete full check of rural collective assets on schedule

BEIJING — China will complete a full-scale survey of collectively-owned rural assets by the end of 2019, according to the Ministry of Agriculture and Rural Affairs.

The move will ensure more efficient use of assets, new growth for the rural economy and increased incomes for farmers.

Preparatory work should be completed by the end of April, with coordination by various levels of rural authorities, the ministry said.

In late 2016, a guideline on rural collective property rights was released, allowing farmers to turn their rights into shares and acquire corresponding income.

In essence, the reform enables farmers to receive dividends like shareholders, and reduces the urban-rural income gap.

The guideline stipulates that asset checks should be finished within three years, and reform of operating assets be completed within about five years.

In China, rural collective assets consist of three categories: resources — land, forest, hills and grassland; operating assets or assets for production or commercial use — rural firms capable of generating revenue and means of production such as machinery and rural infrastructure; non-operating assets such as facilities only for public interest.