China adopts revision to Law on Farmers' Specialized Cooperatives

BEIJING, Dec. 27 (Xinhua) -- China's top legislature on Wednesday adopted a revision to the Law on Farmers' Specialized Cooperatives.

The revision was adopted at the six-day bi-monthly session of the National People's Congress (NPC) Standing Committee, which opened on Friday.

The revision grants China's farmers' specialized cooperatives equal legal status with other market entities, as well as rights to invest in enterprises in accordance with the law.

Members of the cooperatives can invest non-monetary assets that can be evaluated and transferred, such as their land management rights and forest rights, according to the revision.

A few specific provisions to support the cooperatives have also been added to the revision, including that electricity used during preliminary processing of products will be charged according to agricultural production price standards, which are lower than the price for industrial production.

The draft revision was revealed at the NPC Standing Committee's bi-monthly session in June, when it received a first reading.

Since the law took effect in 2007, it has played an important role in increasing rural incomes, promoting new agricultural management systems and boosting modern agriculture.

Through specialized cooperatives, farmers engaging in similar kinds of agricultural production are able to pool resources and make more money.

The revised law will take effect in July next year. Enditem