The agricultural processing industry will benefit from more policy support, including fiscal support, as a vital step in the country's industrialization and urbanization process, the Shanghai Securities Journal reported on Friday.

The Ministry of Finance and other ministries are studying ways to implement policies to lower the tax burden for the agricultural processing industry, the paper said.

Finance and tax authorities said last year they would allow value-added tax deductions in some sectors of the agricultural processing industry, adding that the policy would be gradually expanded to other sectors of the industry.

In addition, the establishment of a "modern agriculture demonstration plot" will also be fast-tracked, as well as financial support for brand building, the report said.