Five Chinese authorities, including the central bank, pledged to provide more financial support for the country's comprehensive rural revitalization in a joint announcement released on Friday.

These guidelines outline specific requirements in nine areas, including providing financial services to ensure stable production and supply of grain and other important agricultural products, strengthening financial support to consolidate and expand the achievements in poverty alleviation, and enhancing financial supply to build a strong agricultural sector.

The guidelines emphasize that financial institutions should actively connect with grain production entities to meet their financing needs for increasing production capacity, upgrading equipment, and technological advancements to promote stable and increased grain production.

It also stressed on reinforcing efforts to provide financial support for poverty-stricken areas and individuals with continued focus on targeted assistance from financial institutions.

The authorities also highlight the need to increase credit allocation for the creation of high-standard farmland and water conservancy infrastructure, encouraging the bundling of eligible projects at the provincial or municipal level and coordinating the establishment of diverse channels for loan repayments.

As of the end of April, the balance of loans related to agriculture amounted to 53.16 trillion yuan ($7.48 trillion), marking a year-on-year growth of 16.4 percent.

Going forward, the relevant departments should promote the establishment of a comprehensive, multi-level, and sustainable modern rural financial service system according to the guideline.