Wednesday, October 15, 2008

China Plans Land Reform

The proposed policy involves two major changes: allowing peasants to engage in the unrestricted trade, purchase and sale of land-use contracts and extending those contracts to 70 years from 30 years.Large agricultural companies will then bid for these leases,improve land productivity and also offer employment to rural workers. Senior leaders, including Mr. Hu, intend to push the policy changes through this week. The policy is aimed at increasing the wealth of the poor rural sector and thus keeping China's growth on track by maintaining internal demand to balance the global slowdown.

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