China's fur trade will continue, though, and wild animals can still be reared for medicine, entertainment, and scientific research, according to Reuters. A civet cat, the wild animal believes to have carried SARS to humans in another outbreak nearly two decades ago, will fetch 600 yuan.
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Wildlife farmers in the Hunan and Jiangxi provinces of China are being offered a government buy-out to help them move away from breeding wild species for consumption.
Both steps are part of China's ongoing efforts to stem the transmission of viruses from animals to humans.
Watch the CBS news video updating the wet market situation in Wuhan.
Since January, regulators have cracked down on trade in wet markets and online e-commerce platforms.
Hunan and Jiangxi, which both border Hubei, have also set out plans to change livestock practices.
Farmers will be compensated to allow them to transition to alternative livelihoods such as growing fruit, vegetables, tea plants, or herbs for traditional Chinese medicine. It is believed that the civet cat carried Severe Acute Respiratory Syndrome (SARS) which also spread around the world close to two decades ago.
Farms will be evaluated by authorities who will offer a one-time 120 yuan ($16) payment for every kilogram of king ratsnake, rat snake and cobra. The report said that their stock adds up to around 1.6 billion yuan ($225 million).
This is the first time Chinese authorities have pledged to buy out breeders in an attempt to restrict exotic animal breeding, animal rights activists say. As a result of these recent measures, Wuhan has been converted into an official "wildlife sanctuary" by the Chinese government.
A civet cat - the animal believed to have carried Severe Acute Respiratory Syndrome (SARS) to humans in another coronavirus outbreak almost two decades ago - would fetch 600 yuan.
Wuhan's newly-imposed ban implements strict limitations on wild animal breeding, and raising wildlife for food is completely forbidden.