Enhancing Agricultural Productivity and Agribusiness Development in the Context of Poverty Reduction
$ 64.5
Description
China's remarkable achievement in eradicating absolute poverty in rural areas can be largely attributed to the significant progress made in rural agricultural development. The country has set a goal to eradicate absolute poverty and build a moderately prosperous society for all. However, despite this ambitious target, China faced numerous challenges in 2020, including the COVID-19 pandemic and devastating floods that affected various regions of the country. These obstacles tested the nation's ability to overcome adversity and ensure continued progress towards its goals. Sustainable agricultural growth is receiving increasing attention in the theoretical and empirical literature in the quest to increase food production in the midst of an escalating population in this twenty-first century. Agricultural sector generates about 29 percent of gross domestic product (GDP) and gives employment to about 65 percent of the total labor force in agrarian-based economies. Meanwhile, the demand for major agricultural products worldwide is increasing tremendously due to higher population growth, increase in consumer incomes and dietary changes. From the period of 1980 to 2000, the world experienced a rapid increased in the total population growth from 4.4 billion to 6.1 billion, hence, it is estimated that food production is to be increased by 50 per cent in 2050, because there is the likelihood of worldwide population to reach over nine billion. Experts have the assertion that the production of agricultural products needs to match the demand by at least 60 percent over the next '40 years to meet the rising demand for food. Chinese agricultural sector plays a critical role in promoting world’s agricultural trade in terms of cereal production, meat production, and vegetable production. Currently, China is ranked as the major contributor and exporter of agricultural products due to the immense contribution to food production worldwide. Based on the findings and implications of this study, it is argued that agricultural productivity growth and agribusiness development are crucial components of a comprehensive strategy for poverty reduction in agrarian economies.