China Thursday announced to raise the compensation for farmers whose land is acquired to sustain their current living standard and guarantee their long-term rights, according to an official statement.

China will also strengthen the management of land transfer revenue, according to the statement from the executive meeting of the State Council on July 25 presided over by Premier Wen Jiabao

According to the meeting, revenues from land-use rights transfer will wholly go to the budget of local governments, and then the revenue and expenditure will be managed separately.

Source: Xinhua