Rural China struggles with credit crunch
The Organisation for Economic Cooperation and Development (OECD) says the economical crisis hits hard in rural China. The country should therefore speed up investment in rural services and infrastructure and create jobs in non-agricultural sectors for returning migrants, OECD advises.
“Policymakers should be prepared to take further action to drive consumer demand and consumption,” said OECD Secretary-General Angel Gurría, and “in the long term, China must look beyond agriculture for a sustainable and diversified rural economy.”
As well as creating jobs in non-agricultural sectors, the government should give farmers easier access to credit in order to encourage entrepreneurship. OECD also calls for laws on farmland rights to be implemented and recently improved policies on expropriation of land embodied into law.
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