Maximizing role of China's policy banks to support comprehensive rural revitalization

Editor's note: Li Wenwu is president of the Beijing branch of the Agricultural Development Bank of China. The article reflects the author's opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity.

After China's victory in the fight against poverty, the focus of work in agriculture, rural areas and farmers has shifted to "comprehensively pushing forward rural revitalization and accelerating the modernization of agriculture and rural areas," as outlined in the country's No.1 Central Document of 2021.

In recent years, the state has continuously enhanced policy support for the integrated development of rural industries, optimized the allocation of financial resources, guided social capital investment at a faster pace and propelled the development of the entire industry chain of the agriculture sector. 

As the main branch of the agricultural policy bank, the Beijing branch of the Agricultural Development Bank of China strives to bridge the government and the market, and serves as a tool for strategic implementation based on the current situation in agriculture and rural areas characterized by small-scale agriculture in large cities and small urban districts in the large Beijing suburb.

Ensuring food security

Coordinated credit services are provided for policy-based collection and storage, market-based purchases, and the supply of essential agricultural products. The policy bank actively advocates the strategy of guaranteeing food security via farmland construction and technological innovation, ensures capital's role in the stable pricing and supply of grains and vegetables, and supports the development of smart agriculture, green agriculture and other modern facility agriculture. It is also expected to focus on supporting the construction of a "channels + hubs + networks" logistics system, such as critical nodes for rural circulation and large warehouse bases in suburban areas, promoting the integrated development of primary, secondary and tertiary industries.

Supporting rural reforms

The bank will help revitalize rural land resources, improve rural living environments and accelerate the improvement of shortcomings in agricultural and rural infrastructure, such as water conservation, road networks and public services. These actions will effectively invigorate rural economic development.

Serving China's national strategies

The bank also focuses precisely on national strategies for regional development, strengthening financial service innovation and supporting projects with notable social benefits, such as the coordinated development of Beijing-Tianjin-Hebei, the "Thousand Villages Demonstration and Ten Thousand Villages Renovation" project, the construction of national green development demonstration zones and post-disaster reconstruction. By doing so, the policy bank will contribute to promoting comprehensive rural revitalization and fostering a regional economic layout and territorial space system with complementary advantages and high-quality development.

(Cover via CFP)