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MARA, NARR, ABC Ink Tripartite Agreement to Boost Financial Service in Agriculture

Source:MARA Date:2021-05-27

The MARA, the National Administration for Rural Revitalization (NARR) and the Agricultural Bank of China (ABC) signed a tripartite strategic cooperation agreement in late May, 2021 to promote agricultural and rural development and farmers’ wellbeing by aligning efforts to consolidate and expand the achievements in poverty alleviation with efforts to promote rural revitalization.   

The Agreement identifies seven substantive areas to focus on: () food security in China,  () rural industry development, () rural construction initiatives, () rural reforms, () smart agriculture and big data infrastructure, () consolidating and expanding achievements in poverty alleviation, and () new-type financial service in agriculture sector for breakthrough. These form the priority areas for concerted efforts from the MARA, NARR and the ABC. 

To implement the Agreement in both spirit and letter, the Agreement outlines 16 specific goals, including stepping up the development of high-standard farmland for high yield, financial services for the modern seed industry, green development in agriculture and rural areas and cold chain logistics facilities for the storage and preservation of agricultural produces. Under each goal, timeframes, roadmaps and practical measures are specified. 

The MARA, NARR and ABC will establish working mechanisms for coordination, information sharing, personnel exchanges and public outreach of outcomes in the following period. 

Relevant Annexes: