December 17, 2017 / 11:14 AM / a year ago

China to reform collective assets in countryside-media

BEIJING, Dec 17 (Reuters) - China’s Ministry of Agriculture will start reforming collective assets in rural areas next year and set up farmers’ cooperatives under a pilot programe, the online edition of the China Securities Journal reported on Sunday.

The ministry will verify and assess collective assets in the countryside and form the farmers’ cooperatives in 50 cities and some provinces, the journal quoted the ministry as saying.

The number of counties under the pilot programme will increase to 300 in 2018, it said, without giving a comparative figure.

The ministry aims to complete the reforms by the end of 2021.

Collective assets in rural areas are estimated to be 6.69 billion mu (446 million hectares or 1.2 billion acres) of farmland with assets of nearly three trillion yuan ($454 billion), the journal said.

It gave no further details. ($1 = 6.6075 yuan renminbi) (Reporting by Hallie Gu and Benjamin Kang Lim; Editing by Gareth Jones)

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