Ministry of Agriculture and Postal Savings Bank sign agreement to improve rural financial service coverage

Xinhua News Agency, Beijing, September 10 (Reporter Wang Yu) The Ministry of Agriculture signed an agreement with the Postal Savings Bank of China on the 10th. According to the agreement, the two sides will focus on tasks such as the effective supply of grain and other important agricultural products and the sustained and rapid growth of farmers' incomes to improve the coverage of rural financial services.

Han Changfu, Minister of Agriculture, pointed out that at present, China's agricultural development is at a critical stage of transition from traditional agriculture to modern agriculture. The intensification, specialization and large-scale development of agricultural production and operation are accelerating, and new types of agricultural business entities are constantly emerging, creating a stronger demand for finance and insurance. However, due to various reasons, finance is still a bottleneck in the development of modern agriculture, and it is also a worry in the growth of new types of business entities.

“It is hoped that the Postal Savings Bank will give full play to its important role in serving the development of modern agriculture, highlight the key areas of financial support for agriculture, promote innovation in financial products and services, sink the focus and orient itself toward ‘agriculture, rural areas and farmers’, not break away from agriculture and benefit farmers more, and become a new force in serving ‘agriculture, rural areas and farmers’.” Han Changfu said.

The Ministry of Agriculture stated that it will actively promote coordination between fiscal support for agriculture and financial support for agriculture, intensify work in expanding the scope of collateral, establishing financial guarantee institutions, and carrying out loan interest subsidies, strengthen pilot experiments, and create favorable conditions for financial support for agriculture.