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China deepens rural reforms, cuts electricity price

According to a statement released after the State Council executive meeting, China will deepen reforms of rural industries and upgrade agricultural, industrial and service sectors in rural regions. Emerging sectors which integrate agriculture and the Internet, tourism and health care will be promoted, such as rural e-commerce.

College graduates will be encouraged to return to the countryside to start family farms. The statement also says China will cut the price of electricity generated by coal-fired plants and sold to the country’s power grid to reduce the burden on enterprises and cut emissions.

The funds produced will be used to reduce the price for businesses, upgrade power plants to ones with low emissions and to increase the supply of renewable energy. Also, a special fund for the restructuring of companies will be established to support the resettling of laid-off workers after the outdated production capacity in the coal and steel sectors is eliminated.