China Agriculture Development Corporation established

Approved by the State-owned Assts Supervision and Administration Commission of the State Council and State Administration for Industry and Commerce, China Fishery Corporation and China Animal Husbandry, Industrial and Commercial Corporation have reorganized and formed China Agriculture Development Corporation.

China Fishery Corporation and China Animal Husbandry, Industrial and Commercial Corporation are the leading enterprises in the move of national agricultural industrialization and have been playing a dominant and active role in the development of China's deep-sea fishing and livestock farming respectively. While exploring and utilizing the world fishery resources, the two enterprises have made great contribution to safeguarding and promoting China's ocean rights and interests, accelerating the advancement of livestock farming science and technology as well as guaranteeing the health of livestock and poultry. However, the scattered resources and the separation of capital hampered the advantage of scale operation and the promotion of agricultural enterprises' ability against financial risks. In recent years, following the strategic principles for developing large-scale enterprises put forward at the Sixteenth Plenary Session of the CPC, China Fishery Corporation and China Animal Husbandry, Industrial and Commercial Corporation have succeeded in the reorganization after full consultation and careful work, thereby laying a solid foundation for the establishment of China Agricultural Development Corporation.

Officials from China Agricultural Development Corporation vowed that being the largest state-owned agricultural enterprise among the national enterprises, it would commit itself to the development and service of deep-sea fishery and agricultural hi-tech products and make full use of foreign and domestic markets and resource with "serving farmers, rural areas and agriculture" as its norm for work. Additionally, the corporation would also sharpen its international competitiveness and make great effort to build it into a well-structured, well-equipped, well-organized and well-managed large-scale agricultural group, contributing to the construction of agricultural industrialization and modernization in China.

By People's Daily Online