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Agricultural Development Bank of China
News for Outlets

China establishes long-term guaranttee for financing in market-oriented grain purchase

July 10, 2020


Abstract : A total of16 provinces nationwide in China(including 13 major grain-producing provinces) have established grain purchase loan credit guarantee funds, with a total fund scale of 7.5 billion yuan, statistics from National Food and Strategic Reserves Administration showed.

BEIJING, July 10(Xinhua) -- A total of16 provinces nationwide in China(including 13 major grain-producing provinces) have established grain purchase loan credit guarantee funds, with a total fund scale of 7.5 billion yuan, statistics from National Food and Strategic Reserves Administration showed.

It is learned that with the continuous deepening of the reform in grain purchasing and storage system, grain purchases have gradually shifted from policy-based to market-oriented mode.

In order to support grain market circulation and promote the high-quality development of grain industry, China guided the establishment and operation of credit guarantee funds for grain purchase loans, which provided guarantees for acquisition financing of grain enterprises, and helped participating enterprises obtain loans of 10 to 15 times of deposit.

As of now, 13 major grain-producing provinces, including Hebei, Inner Mongolia, Liaoning, Jilin, Heilongjiang, Jiangsu, Anhui, Jiangxi, Shandong, Henan, Hubei, Hunan, and Sichuan, plus Shanxi, Guangxi, and Xinjiang, have established credit guarantee fund for grain purchase loans.

The grain purchase loan credit guarantee fund is an important measure to strengthen grain security. It effectively promotes the adjustment of agricultural planting structure and the continuous increase of farmers' income.

(Edited by Bao Nuomin with Xinhua Silk Road, baonuomin@xinhua.org)

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Keyword: credit loans purchase grain guarantee

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