AGRICULTURAL INCOME INSURANCE IN CHINA: A KEY DRIVER FOR RURAL REVITALIZATION"

Abstract

Agricultural income insurance is gaining importance in China due to the increasing complexity of domestic and international macroeconomic conditions. This complexity has negatively impacted agricultural supply-side structural reform, agricultural development, and the stability of agricultural product prices. Traditional agricultural insurance is proving insufficient in addressing the evolving agricultural landscape. Agricultural income insurance has emerged as a viable solution to safeguard against yield and price risks, boost farmers' confidence in production, enhance the quality and efficiency of agricultural production, and support the comprehensive implementation of the rural revitalization strategy.

In June 2021, several major grain-producing counties in China introduced income insurance for key grain crops like rice, wheat, and maize, marking a significant step in the widespread adoption of agricultural income insurance. While progress has been made, there remains substantial room for innovation and development in the field of agricultural income insurance, particularly in alignment with China's goals of rural revitalization and becoming a modern socialist agricultural powerhouse. Addressing this challenge is crucial for the government and the insurance industry to ensure the continued positive impact of agricultural income insurance on farmers' income stability and the country's agricultural development