The Ministry of Finance announced on February 4 it had earmarked 86.7 billion yuan ($12.7 billion) of subsidies for grain-growing farmers across the country.

The subsidy will be used to offset the seed, pesticide and chemical fertilizer cost of farmers in the upcoming spring farming season, said the ministry in a statement on its website.

China vowed to put more investment, subsidies, fiscal and policy support into rural areas this year to better coordinate urban and rural development, as stated in the first Central Government document this year.