China issues guideline on strengthening financial services for rural revitalization

The People's Bank of China (PBOC), China's central bank, and the Ministry of Agriculture and Rural Affairs has jointly issued a guideline on promoting all-around rural revitalization with strengthened financial services.

The PBOC said in a statement that the guideline was issued to improve the rural financial service system, enhance the efficiency of financial resource allocation, and advance rural revitalization with reform measures.

According to the guideline, more financial resources will be invested in the key areas of rural revitalization, including enhancing financial support for safeguarding food security by increasing credit support to major grain-producing regions, enhancing financial services for high-standard farmland and water conservancy projects and strengthening financial support for the development of agriculture's new quality productive forces.

To help consolidate and expand the achievements of poverty alleviation, the level of credit support will be maintained for previously impoverished regions. Meantime, efforts should be made to come up with a new financial support mechanism for such regions after the transitional period following their success in poverty alleviation, according to the guideline.

Financial services will be strengthened to promote wealth-creating industries in rural regions by broadening collateral options and offering innovative financing models and financial products.

Through financing methods such as loan-equity combination and syndicated loans, diversified financing solutions will be provided to support the extension of infrastructure and public services to rural areas, and promote the integrated development of urban and rural areas as well as new urbanization in counties.

Furthermore, enhanced financial services will be provided for promoting the in-depth integration of agriculture, culture and tourism and empowering the development of digital villages, according to the guideline.