This study examined the effects of China's grain subsidy program, the largest food self-sufficiency project in the developing countries, on grain-sown areas within a context of liquidity constraints. A large household level panel was used to evaluate how the subsidy affects the cultivation schedule of farm households through the relaxation of households' liquidity constraints. Results suggest that in general, the grain subsidy program significantly improved farm householdsÕ grain planting areas for liquidity-constrained households. This finding provides a more comprehensive understanding of the effects of ChinaÕs grain subsidy than previous studies.

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