The MARA and the National Administration for Rural Revitalization (NARR) jointly held a video conference on financial services in agricultural sectors on May 7, 2021. Vice Minister Liu Huanxin addressed the conference.
Some executives from financial institutions joined the conference, representing the Agricultural Development Bank of China (ADBC), Agricultural Bank of China (ABC), Construction Bank of China (CBC), Postal Savings Bank of China (PSBC) and the National Agricultural Credit Guarantee Alliance (NACGA).
It is underlined at the conference that financial services is of great significance in rural revitalization and agricultural modernization in China and it is imperative to extensively implement the plan and requirements for rural revitalization set down by the State Council. The conference called for channeling greater investment into key areas of agricultural, rural development and farmer’s wellbeing. Priorities should be given to food security, high-quality agricultural development, and consolidating and scaling up achievements in poverty alleviation.
The conference required that competent departments of agriculture and rural revitalization at various levels should work closely with financial institutions to create greater synergy, replicate pro-agriculture practices proven to be effective to a wide area, and seek solutions to tough and persisting issues on financial support for agriculture.
At the conference, a guideline on encouraging private investment into agricultural and rural development was released to boost private investment in 13 key areas, including modern planting, animal farming and aquaculture, agricultural produce processing and distribution and new-type rural services.
The guideline required that efforts should also be intensified to create new approaches to investment, build platforms for cooperation and improve investment environment.
The Chiefs of the above-mentioned financial institutions reaffirmed to step up efforts in financial support for agricultural sectors.