The Chinese government has allocated 500 million yuan (81.2 million U.S. dollars) to promote agricultural modernization, the Ministry of Finance announced Friday.

The money will mainly be used to promote large-scale farming; support farmers in joint partnership, family farms or cooperatives; and to boost agriculture-related technological innovation.

The money will be channelled to eight provinces, including Jiangsu, Anhui, Shandong and Hunan.

In April, the State Council - China's cabinet - rolled out its first major reforms in agriculture since its inauguration, floating schemes to accelerate modernization.

The development of modern agriculture practices is "an important strategic mission" that will sustain economic growth, increase income for farmers and improve people's well-being, according to a statement issued by the State Council in April after an executive meeting presided over by Premier Li Keqiang.