Innovative financial services facilitate rural industries in Ningde, SE China's Fujian

Ningde city of southeast China's Fujian Province has launched over 10 new financial services for villagers to develop rural industries, making financing more accessible.

Photo shows a fish farm in Ningde, Fujian Province. (Photo/People's Daily Online)

As the city faces the sea, many local people engage in aquaculture industry, raising seafood such as abalone and large yellow croaker. However, local people, in the past, had difficulties in raising funds when expanding their businesses. To solve this problem, the local financial sector has set up archives for aquaculture farmers, and, with the help of big data, increased loans to those with a good credit score.

“The 200,000 yuan (about $30,000) credit loan from Postal Savings Bank of China is really a timely help,” said Wang Dongdong, a large yellow croaker farmer from Feiluan township, Jiaocheng district. Wang added that he got the low interest loan without collateral or guarantees in merely two days.

In addition, local financial sector has provided one-stop services for Dongyuan village in Fu’an, a county-level city of Ningde, to support the village in developing its grape industry. With lower financing costs, these services are very popular among grape growers.

Lai Xianming, a grape grower from the village who has over 10 mu (about 0.67 hectares) of grape fields, explained that he received the financial services at home this year, and got a loan in less than 20 minutes. “It’s very convenient for the villagers,” he said.