RMB 7 Trillion Investment in Rural Revitalization

Yu Xinrong, Vice Minister of Agriculture and Rural Affairs, revealed at a recent summit, “To revitalize the rural areas, at least RMB 7 trillion investment is needed. Besides, a package of fiscal and financial policies as well as social efforts should be made.”

At present, large numbers of rural residents have no access to many financial services, and the financing demand of agricultural enterprises hasn’t been fully met. In the future, with the promotion of the rural revitalization strategy, the demand for financial services in rural areas is bound to grow.

“There is much to do for the financial service sector to serve rural revitalization,” said Yin Jiuyong, vice president of the Agricultural Development Bank of China (ADBC), citing the example of promoting urban-rural connectivity by infrastructure construction. The improvement of rural living environment, rural resource conservation and recycling, and the management of mountains, rivers, forests, lands, and lakes all need huge financial support. Besides, the marriage of a collective economy and industrial capital will also generate huge financial demands.

However, Shao Zhibao, vice president of Postal Savings Bank of China (PSBC), pointed out that China’s financial services for agriculture, rural areas, and farmers are plagued by high risk, high cost, difficult management, and slow effect. He advised to further optimize related assessment policies so as to effectively provide financial services.