by Staff Writers
Beijing (AFP) March 25, 2013
Chinese authorities have earned almost $5 trillion in profit by selling land obtained from farmers to developers over the years, a top economist said according to state media.
As the country undergoes a huge urbanisation process rural land confiscations have led to numerous protests, worrying the ruling Communist Party, which sees corruption and social unrest as threats to its power.
By law, officials may provide compensation worth up to 30 times the value of the land's output, but in practice they have skimped on payments or foregone them altogether -- then sold the land to developers at much higher rates.
Wu Jinglian, an economist at the Development Research Centre of the State Council, China's cabinet, said: "Some (government) agencies have earned around 30 trillion yuan, by conservative estimates, from land price spreads in the urbanisation campaign over the past decades."
The 30 trillion yuan figure equates to $4.8 trillion at current exchange rates.
Wu, a former adviser to Zhu Rongji, premier in 1998-2003, made the remarks at an economic forum at the weekend, the official Xinhua news agency said.
Farming Today - Suppliers and Technology
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|