12 17, with the approval of the State Council, China agricultural industry development fund (hereinafter referred to as IFAD) was formally established, which is the first national agricultural industry fund in China. The first phase of IFAD is 4 billion yuan, which is jointly funded by the Ministry of Finance, China Cinda, CITIC Group and China Agricultural Development Bank. The four sponsors each contributed 654.38 billion yuan. The fund selected the fund manager by inviting tenders, and Cinda Capital, a subsidiary of China Cinda, eventually became the fund manager. IFAD will adhere to market-oriented operation and emphasize the organic combination of policy orientation and market operation in order to obtain a stable return on investment, which is of positive significance for guiding social funds to invest in the fields of agriculture, rural areas and farmers and promoting rural economic development.