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PBC Loans Additional RMB 20 Billion to Back Up Agriculture
The People's Bank of China (PBC), the country's central bank, Thursday approved an additional loan of RMB20 billion to All-China Rural Credit Cooperatives (RCC) in a bid to encourage it to grant more loans to boost agricultural production.
PBC officials stressed that issuance of loans this time is an important move to further support rural economic development and push for a restructuring of production lines in rural China, thereby giving a full play to the spirit of the rural working conference of the CPC Central Committee.
By the end of April, All-China RCC had raised a total of RMB1.3734 trillion of deposits and issued a total of RMB 986.56 billion in loans, taking 12.11% and 10.2% respectively of the country's bank savings and loans issued. Among these are included a loan amount of RMB 337.1 billion, 65.63% of loans used for agricultural production.
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