Two Authorities to Strengthen Financial Services for Rural Reform and Promote All-around Rural Revitalization

The People's Bank of China (PBC) and the Ministry of Agriculture and Rural Affairs (MARA) have jointly issued the Opinions on Strengthening Financial Services for Rural Reform and Promoting All-around Rural Revitalization (the "Opinions").

The Opinions require more financial resources to be invested in the key areas of rural revitalization, specifically: (1) enhancing financial support for safeguarding food security; (2) consolidating and expanding the achievements of poverty alleviation; (3) deepening financial services to promote wealth-creating industries in rural areas; (4) raising the level of financial services for rural construction; and (5) enhancing financial services for better efficiency and quality in rural governance. The Opinions stress the need to improve the institutional mechanisms for providing financial services to support rural reform; encourage all localities to explore various management systems, such as those for the confirmation and registration of ownership rights, as well as for mortgage registration of agricultural facilities and live livestock and poultry; expand the coverage of mortgage financing and vitalize rural resources and assets. Efforts will also be made to strengthen the management of credit granting and credit use in financial institutions, and optimize financial supply mechanisms; enhance policy safeguards and organization, comprehensively utilize monetary, credit, and other policy tools, encourage financial institutions to issue special-purpose financial bonds for agriculture, rural areas and farmers, small and micro businesses, and green initiatives; support eligible enterprises in issuing rural revitalization bonds, and increase the fund allocation for rural revitalization.



(Source: http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5790512/index.html)

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