China"s success in feeding its population and lifting its farmers out of poverty over the past thirty years has been nothing less than remarkable. But new challenges have presented themselves and old ones are resurfacing. First, farmers" incomes are struggling to keep up with non-farm incomes—agriculture’s “farm (income) problem”—undermining social and political harmony and putting the smallholder model under pressure. Second, rising water scarcity and land degradation are rendering China"s current agricultural intensification model unsustainable, saddling it with a rapidly growing "field problem". Finally, two bouts of double-digit food price inflation over the past three years suggest that aggregate domestic supply is struggling again to keep up with rapidly rising cereal feed demand for its animal production, testing its ambitions of cereal self-sufficiency and hinting at a resurgence of the “food problem”. But, as urbanization and income growth induce more protein-rich and...