Jinhua's big idea of bettering the rural financing situation

2020-10-14 17:42:14 source: Xu Xianfei


Money is not everything, but without it, you can do nothing. 


This is a famous quote that has been frequently taken by the majority of people. The same situation also applies to big topics such as rural revitalization, a global issue that has attracted worldwide attention. 


"Lack of people, lack of land, lack of money" are the common problems encountered in the process of promoting the strategy of rural revitalization. In particular, the "difficult financing" dilemma is rather prominent in the countryside.


This year, the situation has drastically changed in the rural area of Jinhua. Jinhua Municipal Bureau of Agriculture and Rural Affairs, together with the Jinhua Office of the Provincial Agricultural Trust Association has been carrying out in-depth cooperation since the beginning of the year. Through data sharing, policy co-operation, organization, and other means they jointly crack the financing difficulties concerning the three issues of agriculture, the rural area, and farmers. 


By the end of September, Jinhua City's rural inclusive credit system alone has covered 1.1138 million households with a credit amount of 162.7 billion yuan, farmers’ credit-granting service coverage rate has reached 99.61 percent, and the credit amount has increased 34.498 billion yuan. It is expected that by the end of this year, full coverage of farmers' credit-granting will be achieved (excluding non-compliance lists).


According to Jiang Qiaoqing, director of Lige office, Geshan branch of Dongyang Agricultural and Commercial Bank, this time their confidence of loaning millions of Yuan comes from the data - Jinhua City Agricultural and Rural Bureau and Jinhua office of the provincial Agricultural Credit Union signed a cooperation agreement, one of its terms is that the agricultural and rural sectors should, on the premise of data security, give the bank access to the information about the farmers’ households financial situation, including their village collective equity, collective dividends, liabilities, comprehensive income, and other data, and thus require banks to loosen the credit limit, as well as to ensure a full credit.


Since 2005, a number of financial institutions in China have implemented inclusive financing. However, without data sharing, local financial institutions have not issued credit loans to farmers, the specialty of farmers' loans is only shown as preferential interest rates and loan amount, and most farmers cannot use this resource effectively.


On one hand, to develop the financing scale is difficult, on the other hand, the credit officers cannot reach out to and communicate with the farmers efficiently. 


In response to the pain spot of the rural financial work, Jinhua City Agricultural and Rural Bureau required the counties (cities, districts), local agricultural and commercial banks to link with one another, to convene promotion meetings layer by layer. With town and village cadres for the credit officers leading the way, the credit officers can understand the farmers’ demand "face-to-face". So far, the city's 2851 villages have all held their promotion meetings. Jinhua Agricultural and Rural Bureau will also work with banks interested in serving rural inclusive financing in the future to further help farmers to borrow money conveniently, amply, and correctly so as to infuse funds into the " the three issues of agriculture, the rural area and farmers" development.


(Compiled by Ye Ke, Wu Hongjie, Translated by Wu Hongjie)

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Money is not everything, but without it, you can do nothing. 


This is a famous quote that has been frequently taken by the majority of people. The same situation also applies to big topics such as rural revitalization, a global issue that has attracted worldwide attention. 


"Lack of people, lack of land, lack of money" are the common problems encountered in the process of promoting the strategy of rural revitalization. In particular, the "difficult financing" dilemma is rather prominent in the countryside.


This year, the situation has drastically changed in the rural area of Jinhua. Jinhua Municipal Bureau of Agriculture and Rural Affairs, together with the Jinhua Office of the Provincial Agricultural Trust Association has been carrying out in-depth cooperation since the beginning of the year. Through data sharing, policy co-operation, organization, and other means they jointly crack the financing difficulties concerning the three issues of agriculture, the rural area, and farmers. 


By the end of September, Jinhua City's rural inclusive credit system alone has covered 1.1138 million households with a credit amount of 162.7 billion yuan, farmers’ credit-granting service coverage rate has reached 99.61 percent, and the credit amount has increased 34.498 billion yuan. It is expected that by the end of this year, full coverage of farmers' credit-granting will be achieved (excluding non-compliance lists).


According to Jiang Qiaoqing, director of Lige office, Geshan branch of Dongyang Agricultural and Commercial Bank, this time their confidence of loaning millions of Yuan comes from the data - Jinhua City Agricultural and Rural Bureau and Jinhua office of the provincial Agricultural Credit Union signed a cooperation agreement, one of its terms is that the agricultural and rural sectors should, on the premise of data security, give the bank access to the information about the farmers’ households financial situation, including their village collective equity, collective dividends, liabilities, comprehensive income, and other data, and thus require banks to loosen the credit limit, as well as to ensure a full credit.


Since 2005, a number of financial institutions in China have implemented inclusive financing. However, without data sharing, local financial institutions have not issued credit loans to farmers, the specialty of farmers' loans is only shown as preferential interest rates and loan amount, and most farmers cannot use this resource effectively.


On one hand, to develop the financing scale is difficult, on the other hand, the credit officers cannot reach out to and communicate with the farmers efficiently. 


In response to the pain spot of the rural financial work, Jinhua City Agricultural and Rural Bureau required the counties (cities, districts), local agricultural and commercial banks to link with one another, to convene promotion meetings layer by layer. With town and village cadres for the credit officers leading the way, the credit officers can understand the farmers’ demand "face-to-face". So far, the city's 2851 villages have all held their promotion meetings. Jinhua Agricultural and Rural Bureau will also work with banks interested in serving rural inclusive financing in the future to further help farmers to borrow money conveniently, amply, and correctly so as to infuse funds into the " the three issues of agriculture, the rural area and farmers" development.


(Compiled by Ye Ke, Wu Hongjie, Translated by Wu Hongjie)

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rural;farmers;Agriculture;Money;data;Office;financing;Bank;loaning;Bureau