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Business Sense and Transparency Underlie Rural Reform

Honesty Outlook July 10, 2023

By NewsChina Updated Oct.1

Amid ongoing reforms aimed at revitalizing the rural economy, villages are embarking on initiatives such as tourism, hospitality and modern agriculture to lift residents from poverty. However, persistent and entrenched issues, such as moribund business practices, regional inequalities and corruption impede the endeavors. Farmers are encouraged to invest in local businesses, but the new rural market-oriented entities are protected from bankruptcy and liquidation, which runs counter to established market principles, rural development experts said. Geographical imbalances still see better developed regions in the east holding a larger proportion of business assets compared to landlocked areas in the west. Corruption has also cast a shadow over rural reform efforts. Recently, the country set up a transaction platform to record and disclose all rural asset transactions. Now local officials are required to be professional both in business and in balancing the books.