Draft revision to the Law on Farmers' Specialized Cooperatives was submitted to the Standing Committee of the National People's Congress (NPC) for reviewing Thursday.
The draft expands the scope of specialized cooperatives, adding several new businesses to the cooperatives, including folk arts and crafts, leisure agriculture, and rural tourism.
The draft also clarifies membership qualification of specialized cooperatives and property rights division in some cooperatives as well as improving system of financing and accounting.
Since the Law on Farmers' Specialized Cooperatives took effect in 2007, it has played an important role in fattening rural wallets, promoting new agricultural management systems, and boosting modern agriculture.
Through specialized cooperatives, farmers engaging in the same kind of agricultural production are able to pool resources and make more money.
The law, however, lagged behind social development in that the content and range of services of specialized cooperatives needed to be broadened, and some management and financial problems need to be regulated.
The revised draft was submitted by NPC Agriculture and Rural Affairs Committee.