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Refinancing Increased to Support Agricultural Production
The People's Bank of China (PBOC) announced Tuesday that it has decided to increase refinancing loans by 20 billion yuan in the first half of this year to rural credit cooperatives.
The PBOC promulgated at the same time the guiding procedures on rural credit cooperatives' support to agricultural production, in an effort to help farmers increase income and expand rural consumption market.
Statistics show that by the end of February, outstanding loans by rural credit cooperatives throughout the country had reached 1. 0955 trillion yuan, an increase of 40 billion yuan over the beginning of the year. Of the total loans, agricultural loans stood at 380.7 billion yuan, an increase of nearly 20 billion yuan or 51 percent of newly increased loans.
The procedures asked rural credit cooperatives to adopt more effective measures to increase loans and ensure that loans for supporting agricultural production be extended in time.
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