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Private company promotes China agricultural innovation

0 Comment(s)Print E-mail CNTV, March 7, 2014
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Agriculture also means business. CCTV visited Jiangxi province to meet one NPC deputy who has combined his farming and entrepreneurial skills to build one of the largest agricultural companies in the province and is leading the way toward innovation.

Every month, this factory produces enough kernel corn to feed 600,000 pigs for neighboring farms.

Its automated production system was introduced a few years ago, and has helped cut the manual labor force by half.

This pig feed factory is among the first in Jiangxi province to introduce a full automatic production line. The machinery has greatly reduced labor and increased efficiency. Today, the factory produces about 360,000 tonnes every year, and with only forty staff.

While Lin Yinsun began his company as just a pig feed-maker, it now ranks among the top ten feed producers in all of China. It's also expanded to include duckling breeding, rice processing, bio-pesticides and seeds. And he has ambitions for even more.

Lin Yinsun, CEO of Zhengbang Group.

Lin Yinsun, CEO of Zhengbang Group. 

"The feed company is an example of industrialization and economy of scale. We have established a complete chain for pig products, introduced standardized operations in large scale pig farming, and promoted a circular economy." Lin said.

Ensuring food security has been listed as one of China's top reform priorities for 2014. And at its heart is agricultural innovation. As a second-time deputy to the country's top legislative body, Lin has thought extensively about the issue.

He finally found inspiration for an idea through his many trips to the countryside, where he said he could see the strain of financing on small households. Lin is now determined to establish a private bank to provide customized financial services to farmers.

"The Third Plenum allowed private capital into the banking sector. We decided to establish a bank to give credit support to innovative farming entities. This will promote medium-scale farming operations and modern agriculture" Lin said.

As a leader in agricultural industry, Lin believes his company will be in the best position to offer tailor-made financial options to farmers. And he hopes it will help promote new and diversified farming business models in the long run.

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