China's farm processing industry to see added value of seven trillion yuan by 2010

China's farm processing industry is expected a total added value topping seven trillion yuan (875 billion U.S. dollars) by the end of 2010, according to the Ministry of Agriculture (MOA).

MOA sources said farm processing industry should achieve an average annual growth rate of 12 percent during the 11th Five-year Plan period (2006-2010). And output of the farm processing industry is expected to be 1.5 times as much as gross agriculture industry.

Wei Chaoan, vice minister with the MOA said China has more than 70,000 large farm product processing enterprises, and their total output hit a record high of 4.2 trillion yuan in 2005.

Statistics show that China's farm product processing enterprises inked an annual output growth of 15 percent during the 10th Five-year Plan period (2001-2005).

Some of 18 million people are employed in farm product processing industry, accounting for 28 percent of the total employees in agriculture sector.

Wei said this industry has become the pillar sector in China's agriculture industry, which has enjoyed and will continue to expect a rapid growth in the coming years.

According to the 11th Five-year Plan of farm processing industry, 60 percent of the farm products will be processed before they are sold in the market, and those value-added products will account for 40 percent of major farm products.

Source: Xinhua