As stated in China’s recently published No. 1 Central Document, the construction of rural equity trade platforms needs to be enhanced. Pioneering technologies such as block chain for online trades, Jiangsu has realized a contactless rural equity trade system in several rural areas across the province.
Right at the start of the Chinese New Year, the staff is busily preparing the online contract signing at the exchange center of rural equity trade, Sheyang County, Yancheng City. Early in last May, Sheyang took the opportunity to pilot an online signing system for land transferal, and introduced technologies including digital certificate and block chain, which contributed to the very first online rural land transferal contract signing in China.
Apart from online trade, breakthroughs were also made in Jiangsu’s mortgage system related to rural land contractual management right. In December 2020, Jinhu County of Huai’an City became the first in China to grant rural loans based on block chain technology. With the new system, it takes half a day for the entire procedure, but in the past, it might cost a whole month. Now the application, verification and administration can all be done with block chain technology. Until now, Jinhu County has approved 6 online mortgage applications with a total amount of 3.86 million yuan, involving a land area of 4934 mu.
According to Jiangsu Provincial Department of Agriculture and Rural Affairs, a rural equity trade market system and service platform has been established, connecting and sharing resources among 4 administrative levels, generally covering all related market, trade categories and users. The platform has witnessed over 610 thousand trades with a volume of more than 135 billion yuan, creating a profit of nearly 4.3 billion yuan, making it one of the most dynamic platforms in China.
