The People’s Bank of China, the State Administration of Financial Supervision, the China Securities Regulatory Commission, the Ministry of Finance, and the Ministry of Agriculture and Rural Affairs issued the “Guiding Opinions on Financial Support to Comprehensively Promote Rural Revitalization and Accelerate the Construction of a Powerful Agricultural Country”
In order to thoroughly implement the important spirit of the 20th National Congress of the Communist Party of China, the Central Economic Work Conference, the Central Rural Work Conference and the deployment requirements of the Central No. The Ministry of Finance, the Ministry of Finance, and the Ministry of Agriculture and Rural Affairs recently jointly issued the “Guiding Opinions on Financial Support to Comprehensively Promote Rural Revitalization and Accelerate the Construction of a Powerful Agricultural Country”, which provides financial services for the stable production and supply of grain and important agricultural products, and strengthens financial support for consolidating and expanding the achievements of poverty alleviation. Nine aspects including the financial supply of a strong agricultural country put forward specific requirements.
The “Opinions” emphasize that all financial institutions should actively meet the financing needs of food production entities to expand production capacity, equipment renovation, and technology upgrades, so as to promote stable and increased grain production. Increase credit for high-standard farmland and water conservancy infrastructure construction, encourage the bundling of qualified projects across provinces and cities, and coordinate the construction of diversified loan repayment channels. Strengthen the financial support for key agricultural core technologies such as the revitalization of the seed industry, strengthen the financing support for agricultural technology equipment and green development, and increase the investment of financial resources for the high-quality development of rural industries. Optimize financial services for the construction of harmonious and beautiful villages and the integrated development of urban and rural areas, improve the level of financial services for new citizens, and improve consumer financial services in county areas. Strengthen financial support for poverty-stricken areas and people who have been lifted out of poverty, and continue to deepen the designated assistance work of financial institutions.
The “Opinions” clearly stated that it is necessary to strengthen precise drip irrigation and positive incentives, increase the support of monetary policy tools, strengthen the coordination of fiscal and financial policies, and form a comprehensive financial support system for agriculture. Strengthen the organizational functions of financial institutions, expand diversified financial services, and enhance insurance protection service capabilities. Improve rural property rights confirmation and certification, mortgage registration, circulation transactions, evaluation and disposal mechanisms, and promote the reform of the market for financing supporting factors. Improve the level of rural basic financial services, strengthen statistical monitoring and evaluation, and effectively improve the quality and efficiency of financial services for building a strong agricultural country.
As of the end of April 2023, the balance of agriculture-related loans was 53.16 trillion yuan, a year-on-year increase of 16.4%. In the next step, the People’s Bank of China, the State Administration of Financial Supervision, the China Securities Regulatory Commission, the Ministry of Finance, and the Ministry of Agriculture and Rural Affairs will continue to follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and promote the improvement of multi-level, wide-coverage, and sustainable modern rural financial services. The system guides the allocation of more financial resources to key areas and weak links in rural revitalization, and provides stronger financial support for comprehensively promoting rural revitalization and accelerating the construction of a strong agricultural country.
Source: People’s Bank of China Author: Editor: Huang Ziwei