Drafting of the Rural Finance Law is proceeding smoothly

This newspaper report, by reporter Chen Liping. The reporter recently learned from the Agriculture and Rural Affairs Committee of the National People's Congress that the drafting of the Rural Finance Law is proceeding smoothly.

At the Third Session of the 12th National People's Congress held in March this year, 30 deputies including Wu Guangchun put forward a proposal to accelerate agricultural credit legislation and effectively solve the financing difficulties of new types of agricultural business entities. The proposal stated that a shortage of funds has become a bottleneck constraining the development of new types of agricultural business entities, and most new types of agricultural business entities face financing difficulties. It was suggested that agricultural credit legislation be accelerated to solve the financing difficulties of new types of agricultural business entities and achieve sustainable development.

The 2015 No. 1 Central Document clearly proposed actively promoting rural finance legislation. Formulating the Rural Finance Law has already been included in the Implementation Plan for Important Measures of the Fourth Plenary Session of the 18th CPC Central Committee (2015-2020). Since 2009, the Agriculture and Rural Affairs Committee of the National People's Congress has taken the lead in organizing relevant departments to carry out two rounds of research on the legislative issue, making relatively full preliminary preparations. At present, a leading group and a working group for the drafting of the Rural Finance Law have been established, led by the Agriculture and Rural Affairs Committee and joined by the People's Bank of China, the China Banking Regulatory Commission, the China Insurance Regulatory Commission, the Ministry of Finance, the State Administration of Taxation and others. The Rural Finance Law is intended to make provisions on standardizing cooperative finance in accordance with the law, the responsibility of commercial and policy-based financial institutions to support agriculture, improving support policies for rural financial services, differentiated regulatory policies for rural finance, and the development of the rural financial environment. The Agriculture and Rural Affairs Committee suggested that this legislation be included in the 2016 legislative work plan of the Standing Committee of the National People's Congress.