The government has launched a $50 billion fund to help promote Chinese food and drinks industry and boost consumption in the face of an “economic emergency”.
In a speech at the Beijing International Food and Beverage Fair, China’s finance minister said the fund will support more than 100 industries.
“We are going to build a foundation to support the growing industry of Chinese food,” Wang Jingsheng said.
The announcement comes as China’s economy is being hit by a severe economic crisis that is forcing the government to slash its investment in the industry, and the government is struggling to maintain its growth in an economy that has been slowing for more than three years.
China is the world’s third-largest consumer of calories, accounting for about a quarter of the world food supply, after the United States and the United Kingdom.