China to expand insurance coverage for grains, oilseeds and livestock

China has unveiled a plan to further develop agricultural insurance in an effort to stabilize farmers’ incomes and strengthen food security. The plan calls for broader insurance coverage across key crops and livestock production.

Authorities plan to expand full-cost insurance and planting-income insurance for rice, wheat, corn and soybeans. Risk protection will also be strengthened for cotton, oilseeds, sugar crops and rubber.

A separate part of the plan focuses on livestock. It calls for wider use of tracking technologies, dynamic adjustments to insurance coverage for breeding sows, fattening pigs and dairy cattle, and differentiated protection schemes for different farming models.

Additional support is planned for producers of potatoes, rapeseed, peanuts, sugar beets and highland barley. Insurance coverage will also be extended to the production of rice, wheat and corn seeds.

The government expects broader agricultural insurance to reduce farmers’ financial risks related to weather and market volatility, while helping maintain stable production of key agricultural commodities.

Tags: China, Grains, oilseeds, insurance, livestock sector