Even as China has emerged to be the second largest economy in the world, its agriculture sector continues to be one of the most inefficient in the world.

South Korean farmers are 40 times more productive than the Chinese, according to Deutsche Bank's Michael Spencer.

Click here to jump to the images >

This is largely because all land in China is still owned by the government.

Farmland in China was collectivized — in which property and resources are owned by the community not individuals — under Mao.

Post-Mao reformers have implemented reforms to boost productivity. But the lack of credit, and the inability to own and mortgage land has deterred farmers from turning small-scale farming into more industrialized farms.

In fact, land grabs continue to be a problem and have sparked massive protests in Wukan and Guangdong, and have even driven corrupt officials out of the villages.