From 2007 to 2013, China's agricultural insurance paid claims to 120 million households

QINGDAO, Oct. 26 (Reporter Feng Hua) From 2007—2013, China's agricultural insurance provided a cumulative total of 4.07 trillion yuan in risk protection and paid 75.9 billion yuan in claims to 120 million households of farmers. This information was learned by the reporter at the Third Symposium on Risk Management and Agricultural Development, co-hosted by the Ministry of Agriculture and the China Securities Regulatory Commission.

Vice Minister of Agriculture Chen Xiaohua believes that developing agricultural insurance requires breakthroughs in five areas: first, giving full play to both the market and the government; second, improving and perfecting the institutional framework for agricultural insurance; third, advancing product innovation in agricultural insurance; fourth, encouraging the development of diversified agricultural insurance institutions; and fifth, establishing and improving the grassroots service system for agricultural insurance, so as to accelerate the development of agricultural insurance undertakings suited to the needs of China's modern agricultural development. Market risk is mainly reflected in changes in the market prices of agricultural products; the futures market has the functions of price discovery and hedging, and can play a very notable role in helping producers and operators form reasonable price expectations and transfer price risk.

⟦NL> At present, the number of products listed on China's agricultural futures market has reached 20. Jiang Yang, vice chairman of the China Securities Regulatory Commission, said that the commission will continue to strengthen the development of the agricultural futures market and support agricultural market-oriented reform through multiple channels.