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More Loans Go to China's Agricultural Enterprises
The Agricultural Bank of China (ABC) announced Monday that by the end of September loans of some 10 billion yuan had been given to China's agricultural enterprises.
The rise in rural workers' incomes in the first half of this year is attributed to the recovery of agricultural enterprises and the increase in the prices for farm produce.
Compared to last year the per capita cash income of the country 's rural workers in the first half of this year rose by 4.2 percent, topping 1,063 yuan.
Early this year the ABC offered loans worth 10 billion yuan and simplified their loan application procedures so that more agro- companies could expand their businesses, said Tan Gang, an ABC official.
The bank has monitored the financial situation of 23 large agro- companies in order to provide prompt services, he added.
The ABC has offered rural services for a long time and since 1996 has lent more than 200 billion yuan to agricultural companies. Among the top 150 agricultural companies listed by the Ministry of Agriculture, nearly 100 use its lending services.
According to the Tenth Five-year Plan announced by the Chinese government, rural workers' incomes are expected to rise by 5 percent annually in the next five years.
The Ministry of Agriculture has encouraged farmers to earn money from agricultural enterprises, instead of simply relying on farm produce.
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