Reforming the system of collectively owned rural assets through a share-holding cooperative system will inject new growth momentum into the rural economy and increase farmers' incomes, said a senior Chinese official.

"The reform is crucial to improving the vitality of the collective economy in rural areas," Minister of Agriculture Han Changfu said at a press conference.

Farmers can voluntarily turn their rights in collective operating assets into shares and acquire corresponding revenue, according to a guideline jointly released last week by the Communist Party of China Central Committee and the State Council, China's Cabinet.

"The reform has far-reaching significance, and will help promote agricultural development, increase farmers' incomes and maintain stability in the rural areas," Han said.

China aims to finish verification of assets owned by villages within three years and to complete the share-holding reform concerning operating assets within about five years, he added.

In China, rural collective assets consist of resource assets, such as land, forest, hills and grassland, operating assets such as buildings,machinery, rural infrastructure and enterprises, and non-operating assets such as those used for education, science, technology and other public purposes.

(Xinhua News Agency January 3, 2017)