In order to implement General Secretary Xi Jinping’s recent instructions on agricultural production for this spring, CDB established a 10 billion RMB special loan facility for spring plowing to help enterprises specializing in the production and distribution of agricultural materials such as seeds, pesticides, fertilizers, and fodder to resume operations, and to ensure successful spring plowing this year.
This special loan facility is characterized by preferential interest rates, streamlined approval procedures, and approval authority delegated to lower levels. It adheres to the principle of handling special issues with special measures, and urgent issues with urgent measures. Financing needs put forward by enterprises will be responded to within 24 hours. From February 27 to March 4, 2020, CDB promised 7.185 billion RMB in special loans for spring plowing, giving priority to supporting enterprises in the national supply and marketing cooperatives system. CDB has also secured arrangements with local rural commercial banks and rural credit cooperatives to relend loans worth 5 billion RMB aimed at helping farmers and new agricultural business operators such as professional cooperatives purchase agricultural materials, and produce and supply agricultural by-products.
Looking ahead, CDB will continue taking a wide range of measures that cover both agricultural production and the supply of agricultural materials, as well as providing efficient financial services to support farmers in the busy farming season, with a view to serving as a driver of orderly agricultural production this spring and contributing to the attainment of this year’s economic and social development goals.
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