Thursday, February 29, 2024

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    Chinese banks provide increased support for agricultural development in 2020

    Chinese banks increased their financial support for agricultural development last year, according to data released by the central bank.

    Agriculture-related loans outstanding amounted to 38.950 billion yuan (about 6.050 billion dollars) at the end of 2020, an increase of 10.7% from the previous year, according to the People’s Bank of China.

    Outstanding loans to rural borrowers increased 11.9 percent year on year to reach 32.270 billion yuan in 2020, 3.6 percentage points above the level reached at the end of 2019.

    Outstanding loans to agricultural households increased 14.2 percent from last year to 11.810 billion yuan, and outstanding loans in the agricultural sector increased 7.5 percent year on year to reach 4.270 billion yuan, according to the central bank.

    China’s financial system will step up efforts to effectively support the real economy, central bank governor Yi Gang said earlier this year.

    Commercial banks will be encouraged to develop loans for agriculture, rural areas, and farmers, as well as for small and micro enterprises and the manufacturing sector, Yi added.

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