Financial institutions in East China’s Jiangsu province have made unremitting efforts to increase credit support for agricultural development. This year's No. 1 Central Document, for the first time, listed strengthening financial services for rural revitalization as a separate item and made specific arrangements.
Financial institutions in Jiangsu have implemented the requirements of the central government by increasing credit loans to the key areas of agriculture and rural affairs to boost rural revitalization.
The period from March to May is the season for releasing crayfish fry. Farmers in Xuyi County have been busy releasing crayfish seedlings into breeding ponds recently.
With the growing demand for crayfish, many farmers are preparing to expand the scale of breeding to increase profits.
The farmers, however, did not have the funds to purchase large quantities of crayfish fry and feed.
Local banks took the initiative to visit rural areas and launched a series of entrepreneurial loans and industrial loans to boost the farmers' confidence.
Hu Xiao, Head of Xuyi County Yanlong Crayfish Industry Development Co., Ltd.
The local Postal Savings Bank has issued 310 million yuan in credit loans with 190 million yuan in project loans to be injected to support the local development of organic vegetables and fruits, crayfish rice cultivation, and crayfish lotus root cultivation in a bid to help more farmers to become rich.
Li Qianzhu, Account Manager, Xuyi County Sub-branch of Postal Savings Bank
Financial institutions in Jiangsu are also working hard to help farmers solve problems such as lack of guarantees and insufficient collateral.
The Agricultural Financing Guarantee Center in Jintan District of Changzhou city issued 34 secured loans of 25.05 million yuan for new agricultural business entities and farms in the first quarter by focusing on the construction of agricultural infrastructure and the supply of agricultural machinery and materials.
Xia Weibing, Deputy Director of Agricultural Financing Guarantee Center in Jintan District of Changzhou
The latest statistics show that banks in Jiangsu provided a balance of 806.89 billion yuan of inclusive agriculture-related loans, an increase of 10.04% over the beginning of the year, 3.5 percentage points higher than the growth rate of all the other loans.
