$450 billion approved to modernize agriculture
The Agricultural Development Bank of China, one of the country's main policy lenders, agreed to loan at least $450 billion by 2020 for the modernization of China's agriculture industry, state media said.
The Ministry of Agriculture and the bank, which lends in line with government policy, signed an agreement to protect national food security, support the sector doing business overseas and develop China's seed industry, according to Xinhua news agency.
It was not immediately clear whether this commitment is separate from the bank's plan announced in May to lend 3 trillion yuan for poverty reduction via agricultural investments.
The Agricultural Development Bank of China will be responsible for managing financial services, including offering financial products and setting interest rates, said Xinhua.