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Written by Ma Hong, Senior Researcher at Guangkai Chief Industry Research Institute

On July 18, the communiqué of the Third Plenary Session of the 20th Central Committee of the Communist Party of China proposed to "consolidate and improve the basic rural management system, improve the support system for strengthening, benefiting and enriching farmers, and deepen land system reform."

Land is the mother of wealth. Since the Third Plenary Session of the Eleventh Central Committee, land system reform has played a vital role in my country's economic development.

From the household contract responsibility system in 1982 that protected farmers' rights to land contracting and management and liberated rural productivity, to the 18th National Congress of the Communist Party of China that encouraged the transfer of land contracting and management rights to professional large households, family farms, farmers' cooperatives and agricultural enterprises in the open market, rural economic development has made great progress.

Today, the central government has decided to deepen the reform of the land system, with the goal of narrowing the income gap between urban and rural residents. Combined with the experience of the pilot reform of rural homesteads in recent years, the overall tone of the new round of land system reform will focus on improving the allocation and use efficiency of land factors, with the focus likely to be on the following four aspects:

First, we will launch a province-wide pilot program to extend the second round of land contracts for another 30 years after they expire, improve the land transfer price formation mechanism, and implement the policy of supporting agriculture with land transfer income, so as to gradually revitalize rural stock assets, mainly land, improve the separation of rural land ownership, contracting rights, and operating rights, increase farmers' property income, and help promote the comprehensive revitalization of rural areas.

Second, we will steadily and prudently advance the reform of the rural homestead system, encourage qualified rural homesteads to enter the rural land circulation market, accelerate the registration and issuance of certificates for homestead use rights that integrate real estate and land, and explore effective ways to realize the separation of homestead ownership, qualification rights, and use rights.

Third, on the premise of not touching the red line of cultivated land and fully protecting the legitimate rights and interests of farmers' homesteads, explore ways for rural collective economic organizations and their members to adopt self-operation, leasing, equity investment, and cooperation, comprehensively use the increase-reduction linkage and occupation-compensation balance policies, integrate and revitalize scattered idle rural land, ensure land for rural infrastructure and industrial development, and improve the level of rural construction.

Fourth, we will promote the reform of rural collective construction land, build modern agricultural industrial parks, improve intelligent standard factory buildings and warehousing and preservation facilities, and improve inspection and testing, commercial circulation, rural property rights trading and other platforms.