News in brief:
– Agricultural Development Bank of China disburses a record-breaking 2.78 trillion yuan ($391.35 billion) in loans in 2023, with a cumulative balance of 8.79 trillion yuan by year-end.
– Local farmers benefit from the significant financial injection, empowering them to invest in modern agricultural practices, machinery, and technology, fostering economic growth and stability in rural areas.
China’s efforts to bolster its rural economy saw significant strides last year as the Agricultural Development Bank announced a staggering issuance of loans, totaling a monumental 2.78 trillion yuan ($391.35 billion) in 2023.
The bank, established in 1994, functions as the nation’s sole agricultural policy bank directly under the State Council’s guidance. With a steadfast commitment to serving the real economy, it has become a linchpin in supporting local farmers and agricultural initiatives across the country.
By the close of 2023, the cumulative balance of loans extended by the bank reached an impressive 8.79 trillion yuan, reflecting a substantial injection of capital into rural development projects. This unprecedented growth underscores the pivotal role the financial institution plays in driving forward China’s rural agenda.
Furthermore, the bank achieved a historic milestone as its assets surged to an all-time high of 10 trillion yuan by the end of last year. This remarkable feat not only underscores the bank’s financial prowess but also its unwavering dedication to fostering rural prosperity.
Looking ahead, the Agricultural Development Bank of China has reaffirmed its commitment to supporting comprehensive rural revitalisation efforts in 2024. With a focus on bolstering the agricultural sector and enhancing rural livelihoods, the bank is poised to continue its crucial role in driving sustainable growth in rural communities.
The surge in loans issued by the rural policy bank holds profound implications for local farmers across China. These funds provide vital financial support for agricultural modernisation, infrastructure development, and rural entrepreneurship, ultimately empowering farmers to expand their operations, adopt advanced technologies, and improve their livelihoods.
