China's Finance Ministry to Boost Insurance Coverage for Major Crops, Reduce County-Level Premium Burdens
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On September 11, China's Ministry of Finance released the 'Implementation Plan on Accelerating High-Quality Development of Agricultural Insurance.' The plan focuses on enhancing risk protection for major agricultural products in the planting sector, including staple grains, cotton, oilseeds, sugar crops, and rubber. It aims to improve the balance of agricultural insurance development across regions and refine the premium-sharing mechanism at levels below the provincial government. A key measure is to gradually reduce the proportion of county-level premium subsidies borne by major grain-producing counties. The plan also promotes expanding the coverage area for full-cost insurance and planting income insurance for rice, wheat, corn, and soybeans. Additionally, it seeks to improve insurance support for other agricultural products such as potatoes, rapeseed, peanuts, sugar beets, and highland barley, as well as seed production for rice, wheat, and corn.
Source report
On September 11, the Ministry of Finance released the "Implementation Plan on Accelerating High-Quality Development of Agricultural Insurance." The plan outlines key measures to enhance risk protection for agricultural products in the planting sector.
Key Proposals
- Strengthen risk protection for major agricultural products, including:
- Staple grains
- Cotton
- Oilseeds
- Sugar crops
- Rubber
- Improve regional balance in the development of agricultural insurance across different areas.
- Refine the premium-sharing mechanism at levels below the provincial government.
- Gradually reduce the proportion of county-level premium subsidies borne by major grain-producing counties.
- Expand coverage for full-cost insurance and planting income insurance for:
- Rice
- Wheat
- Corn
- Soybeans
- Enhance insurance support for additional agricultural products, including:
- Potatoes
- Rapeseed
- Peanuts
- Sugar beets
- Highland barley
- Improve protection for seed production of rice, wheat, and corn.
Source
thsEastern