China is offering research grants of up to 500,000 yuan ($74,000) to attract world-class talent to the agricultural industry, as the nation looks to gain an edge in an increasingly competitive sector.

The money will support top-level experts and young elites from home and abroad to boost development and innovation, according to the Chinese Academy of Agricultural Sciences, which will handle the payouts.

Some 5 million yuan a year will also be allocated to promote academic exchanges among postdoctoral researchers, provide health checks for industry experts and create awards for those who make outstanding contributions.