The MARA, the National Administration for Rural Revitalization (NARR), and the Industrial and Commercial Bank of China (ICBC) signed a tripartite strategic cooperation agreement in June, 2021 to promote financial services for rural revitalization.
The Agreement identifies six substantive areas to focus on: (ⅰ) aligning efforts to consolidate and expand the achievements in poverty alleviation with efforts to promote rural revitalization; (ⅱ) security of the supply of grain and other major agricultural products; (ⅲ) modern rural industry development; (ⅳ) rural construction initiatives; (ⅴ) smart agriculture; and (ⅵ) rural reforms.
The Agreement made detailed cooperation plans and laid out implementation schemes in 12 areas, including consolidating and expanding achievements in poverty alleviation, targeted assistance measures for targeted groups, financial support for food security and the supply of major agricultural products, integrated development of rural industries, new-type financial products and services and their greater roles in agricultural supply chain, and rural construction initiative. By leveraging respective strengths, the MARA, NARR and ICBC will boost rural financial service in agriculture and rural revitalization with great synergy.
In implementing the agreement, the MARA, NARR and ICBC will establish and improve working mechanisms and enhance communication on a regular base to unlock the potential of financial services in rural revitalization.