乡村产业振兴 (xiāngcūn chǎnyè zhènxīng): Rejuvenation of rural industry

The State Council, China's Cabinet, recently issued a guidance document on promoting the rejuvenation of rural industry. The guidance stipulates a series of significant issues including the main requirements, key tasks and measures for the rejuvenation of rural industry.

According to the definition in the document, rural industry includes modern farming and the animal breeding industry, the processing and distribution of agricultural products, rural leisure tourism and rural service industry.

Rural industry is the foundation and driver of rural rejuvenation. Since the 18th National Congress of the Communist Party of China, China's grain production capacity has exceeded 600 billion kilograms for seven consecutive years. The main business income of the farming industry is 14.9 trillion yuan ($2.17 trillion) and the income for rural leisure tourism exceeds 800 billion yuan.

The guidance stresses that local authorities should give top priority to the rejuvenation of rural industry to establish a promotion mechanism led by the agricultural and rural affairs department and involving relevant departments, social forces and farmers.

The development of rural industries is inseparable from financial support, and financial services are one of the shortcomings that restrict the development of rural industries. How to innovate financial services? The guidance also proposes reform of the rural financial system, in order to further effectively guide financial institutions to support the development of rural industries.