Vice Minister of Agriculture Proposes Innovating Financial Services for Modern Agriculture
On November 19-20, a senior seminar on financial services for modern agriculture was held in Beijing. At the seminar, Vice Minister of Agriculture Zhang Taolin emphasized the need to adhere to a demand-oriented approach, strengthen government-bank cooperation, explore and innovate effective models of financial services for modern agriculture, make every effort to advance the development of the policy-based agricultural credit guarantee system, and continuously enhance the capacity and level of financial services for modern agricultural development.
Zhang Taolin pointed out that China has now reached a period of historic opportunity in which agricultural industrial policy, fiscal and tax policy, and financial policy form a “three-in-one” synergy in support of agriculture. In accordance with the central government's systematic deployment, it is necessary to optimize the structure of fiscal expenditure, innovate fiscal policies supporting agriculture in terms of target orientation, beneficiaries, and support mechanisms, strengthen collaborative innovation among industry, fiscal, and financial departments and institutions, focus on new types of agricultural business entities, and design a combined policy package of fiscal and financial instruments with richer content, clearer levels, and more efficient measures, ultimately achieving a win-win situation in which the agricultural industry reaches a higher level, financial and insurance institutions develop steadily, fiscal subsidies are highly efficient, and farmers ultimately benefit.
Zhang Taolin emphasized that establishing a nationwide agricultural credit guarantee system is an important lever for promoting the transformation of agricultural development modes and structural adjustment, building modern agriculture, and making new types of agricultural business entities bigger and stronger. It is a key task for agricultural departments at present and for a period to come. Agricultural departments in all localities must attach great importance to it, take the initiative to act, and focus on accelerating the establishment of provincial-level agricultural credit guarantee institutions. Local agricultural departments should proceed from the overall situation and take a long-term view, accurately grasp the policy-based nature, independence, and focus of agricultural credit guarantee institutions, actively cooperate, take the initiative to step into position, and ensure the steady advancement of the nationwide agricultural credit guarantee system.
⟦NL> At the seminar, relevant departments including the People's Bank of China, the China Banking Regulatory Commission, and the Ministry of Finance delivered special reports. Ten financial institutions, including policy banks, commercial banks, internet banks, rural credit cooperatives, and village and township banks, introduced their explorations, experiments, and experience in product innovation and service innovation. Agricultural departments of various provinces exchanged information on the preparations for establishing provincial-level agricultural credit guarantee institutions. Relevant rural finance experts gave special lectures on rural financial reform and innovation, the governance structure of guarantee companies, and related legal issues.