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CDB Holds Meeting on East-West Collaboration in Development Financial Services and Building of Rural Revitalization Demonstration Areas

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Time:2021-09-28  Source:CDB

From September 26 to 27, 2021, CDB held the 2021 Meeting on East-West Collaboration in Development Financial Services and Building of Rural Revitalization Demonstration Areas in Guangzhou. At the meeting, the attendants conscientiously studied General Secretary Xi Jinping’s important instructions on implementing the rural revitalization strategy, deepening collaboration between the western and eastern regions, and promoting coordinated regional development and common prosperity. CDB pledged to put in place the guidelines of the 2021 National Meeting on Conducting Collaboration and Paired Assistance Between the Eastern and Western Regions, and explore ways to leverage development finance to support rural revitalization and development through collaboration between the eastern and western regions. At the meeting, CDB pledged that during the 14th Five-Year Plan Period (2021-2025), it will explore new financial service approaches and models for rural revitalization by setting up five demonstration areas respectively in Sanming of Fujian Province, Ganzhou of Jiangxi Province, Zunyi of Guizhou Province, Luzhou of Sichuan Province, and Yan’an of Shaanxi Province. This move is to create some examples to be followed where development financial services are provided for rural revitalization.

The meeting was attended by Ye Zhenqin, Member of the Standing Committee of the Guangdong Provincial Party Committee, Zhou Qingyu, Member of CPC Committee and Executive Vice President of CDB, responsible officials in Zunyi of Guizhou Province, Luzhou of Sichuan Province, Yan’an of Shaanxi Province and representatives from Wuchuan, Zheng’an and Daozhen counties of Zunyi and representatives from near 40 Guangdong enterprises.

Zhou Qingyu noted that CDB has served as the organizer of the meeting for five consecutive years. Thanks to extensive collaboration within the bank, remarkable results have been registered in terms of assisting the transfer of production capacity in East China through industrial collaboration, helping stabilize the job market and ensuring people’s livelihood through labor collaboration, and driving steady income increase of farmers living in poverty through consumption collaboration. Going forward, CDB will continue to push forward collaboration between the eastern and western regions to promote financial inclusion and common prosperity. Firstly, CDB will put more focus on financing industrial cooperation and the transfer of production capacity. To that end, the bank will channel resources into supporting the transformation, upgrading, or construction and development of entrepreneurial, high-tech, and industrial parks in the western region. In turn, the resource endowments and development plans of the western region will be used to attract leading enterprises in the eastern region to invest in the western region, thus driving the development of both upstream and downstream enterprises. Secondly, CDB will prompt labor collaboration to stimulate consumption collaboration. Specifically, CDB will vigorously encourage eastern enterprises to employ labors from the western region, and continue to support eastern supermarkets, e-commerce platforms, and supply and marketing enterprises to purchase agricultural products, meat, fishery, wood, fruits and vegetables from the western region. Thirdly, CDB will develop new financial aid models to make its financial services more inclusive. Specifically, it will focus on industrial investment, financing for micro- and small-sized enterprises, and credit building, among other financial services, and explore cooperation with financial peers, such as small- and medium-sized local banks.

Zhou Qingyu noted that CDB will continue to explore means to serve China’s rural revitalization drive through multiple channels and support the construction of rural revitalization demonstration areas. Firstly, CDB will strengthen organizational leadership as the top-level design. In particular, CDB will identify representative counties and districts in the demonstration areas, and in light of local resource endowments and industrial characteristics, work with the local governments to formulate tailored plans for rural revitalization and industrial development, and develop corresponding financing plans and consulting services. Secondly, CDB will seek cooperation with the government for joint innovation and exploration. The advantage of CDB in large-amount, long-term, wholesale funding will be combined with that of the local government in organization, coordination, and resource integration, so that a market-oriented financing model in accordance with laws and regulations will be developed to provide robust financial services for rural revitalization. Thirdly, CDB will tilt its financing policies towards pilot demonstration areas. On top of the policies on poverty alleviation, CDB will keep the assistance policy intact while providing favorable conditions for credit access, loan pricing, approval process, investment promotion, talent support and comprehensive financial services. The aim is to promote the construction of demonstration areas, and create an example to be followed in rural revitalization.

At the meeting, the Guangdong Branch of CDB and the Guangdong Administration for Rural Revitalization signed the Agreement on Comprehensively Deepening Cooperation during the 14th Five-Year Plan Period, which identified six prioritized areas for deepening cooperation, i.e. promoting agricultural modernization, implementing rural construction actions, promoting the revitalization and development of old revolutionary and Soviet areas, facilitating the work of assisting the rural areas, supporting collaboration between the eastern and western regions, and developing inclusive finance in rural areas. The Matchmaking Conference for Using Development Finance to Support Zunyi’s Effort to Attract Investment—A New Action of Guangdong was also held during the meeting, where nearly 40 leading enterprises in Guangdong had special matchmaking sessions with Zunyi City and the three counties of Wuchuan, Zheng’an and Daozhen.