Home>News Center>China
       
 

Loans for agriculture
By Su Bei (China Daily)
Updated: 2005-03-11 01:54

Up to US$2.4 billion has been earmarked to support agricultural development in one of the country's main grain producing regions.

The Agricultural Development Bank of China has agreed to provide the loans within three years.

The bank signed an agreement with the government of Changchun, the Jilin provincial capital, in Beijing yesterday.

Wang Rulin, Party secretary of Changchun, said the 20 billion yuan (US$2.4 billion) worth of loans will mainly be used to support construction and development of agriculture-related companies. "This will greatly promote development of the local economy," he said.

The agreement would increase the competitiveness of the agricultural industry, said bank president, Zheng Hui.

It would also help protect the interests of rural people and increase their incomes, he said.

Signing of the agreement, say economists, indicates China's financial institutions are boosting support for the development of agriculture and the rural economy.

Increasing rural incomes is one of the key initiatives of central government this year.

Premier Wen Jiabao said last week the government intends to stabilize, improve and strengthen policy support for agriculture.

Policy factors favourable for rural people's income growth will continue to top the agenda, said Qi Jingmei, with the State Information Centre.

However, apart from policy support, higher grain prices were a major factor behind last year's increase, said Qi.

(China Daily 03/11/2005 page1)



 
  Today's Top News     Top China News
 

Italy PM disputes US version of hostage shooting

 

   
 

Tung Chee Hwa announces intention to resign

 

   
 

China to reform procedures for death penalty

 

   
 

FM: US remarks on China's law 'irresponsible'

 

   
 

Lenovo wins US nod to buy IBM PC

 

   
 

Corrupt officials seized and punished

 

   
  Calls for law to curb losses in SOE assets
   
  Too early to raise alarm over deflation
   
  Law enforcers offer hope for justice
   
  People's congress prepared to 'fulfil history'
   
  Boo to the birds lost in translation
   
  Beijing police hone their language skills
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement