Central bank: strengthen financial support for agricultural and rural infrastructure construction

The People’s Bank of China (PBOC), the central bank, on Thursday issued a statement on financial support for key Rural revitalization projects in 2022.The Opinions pointed out that steadily improving the level of financial services in rural construction: strengthening financial support for agricultural and rural infrastructure construction.Financial institutions should explore and develop appropriate financial products and financing models in key areas such as agricultural and rural infrastructure construction and improvement of the living environment, on the premise that there is no new hidden debt of local governments, and in accordance with borrowers’ credit standing, debt paying ability and project investment return cycle.We will increase credit support for projects such as rural road construction, water supply project upgrading and rural power grid consolidation and upgrading, and actively provide medium – and long-term loans.We will promote the integrated development of basic public services and financial services at county levels.Financial institutions should rely on offline branches, actively integrate inclusive finance, convenient services, agricultural materials and agricultural technology and other resources, accelerate the construction and promotion of agriculture-related scenes, enhance the integrated service capacity of branches, and improve the convenience of payment, inquiry and remote services.We will further strengthen connectivity between finance, education, social security, medical care, transportation, social assistance and other livelihood systems, and facilitate basic public services at county level.

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