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Farmers harvest rice in southwest China's Chongqing Municipality, October 1, 2022. /CFP
The Agricultural Development Bank of China (ADBC), the country's rural policy bank, had issued 2.14 trillion yuan ($301.5 billion) of loans in the first three quarters of this year, up 373.9 billion yuan over the same period last year.
The loans were issued to support agricultural production, ensure the well-being of the farmers, and improve the rural areas to help underpin the country's economic fundamentals, the bank told Xinhua.
To ensure grain security, the bank had issued loans worth 372 billion yuan to help purchase summer and autumn grain over the past year, up 96 billion yuan year on year.
The bank has also offered a credit of 25.6 billion yuan to nurture the seed industry and 234.4 billion yuan to upgrade farmlands so far this year.
Outstanding loans rose by 989.1 billion yuan by the end of September from the beginning of this year, the bank added.
Established in 1994, the ADBC is under the direct leadership of the State Council to raise funds through a market based on national credit to support the development of agriculture, rural areas and farmers.
(Source: Xinhua with edits)
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Disinformation report hotline: 010-85061466