China to promote rural industry integration with policy finance

BEIJING - China will leverage policy finance tools to help promote integration of agriculture, industry, service and other sectors in rural areas.

The Agricultural Development Bank of China (ADBC), the country's only policy bank that mainly serves agriculture, will work with the Ministry of Agriculture to help expand the agricultural industrial chain and boost the sector's competitiveness and farmers' income, according to a statement released by the two parties.

Efforts will be made to support development of standardized raw material bases, agricultural technology innovation, produce processing and logistics network, according to the statement.

The ADBC will support officially registered industry integration projects with diverse credit products, financing models and differentiated policies.

Other financial institutions are also encouraged to join the process to facilitate integration of agriculture, industry, service and other sectors in rural areas, the statement added.