China's wholesale and retail farm markets are now exempt from the paying property tax and land use tax as the country wants to boost its agricultural product distribution.

The exemption period will last for three years until Dec. 31, 2021, according to a statement jointly issued by the Ministry of Finance and the State Administration of Taxation.

Farm markets that also deal in other commodities can be partially exempt from taxation in line with the proportion of the trading floor area for farm produce.