State Administration of Financial Supervision: The balance of agricultural-related loans nationwide has maintained rapid growth this year

The latest data from the State Administration of Financial Supervision and Administration shows that since this year, the banking industry has steadily increased its agricultural-related loans.

As of the end of August, the balance of agricultural-related loans nationwide was 54.98 trillion yuan, a year-on-year increase of 15.4%. In terms of capital investment, the focus is on increasing support for rural industrial upgrading, vigorously supporting the development of advantageous and characteristic industries, and supporting new industries and new business formats such as regional leading industries and intensive processing of agricultural products. Actively support the construction of various agricultural parks and help gradually build a rural industrial development model with industrial parks as the engine and industrial clusters as the backbone.

As of the end of August, the balance of agricultural-related loans of ICBC was nearly 4 trillion yuan, an increase of more than 20% from the beginning of the year. Agricultural Bank of China, Bank of Communications, Postal Savings Bank and other banks also had agricultural-related loan balances increase by more than 15% at the end of August, the highest for the same period in recent years.

According to statistics from the State Administration of Financial Supervision, since this year, banks have continued to improve the financial service level of new agricultural business entities such as farmer cooperatives, family farms, and large-scale breeding farms by reducing loan interest rates, guarantee rates, and issuing credit loans. At the end of August, the balance of rural loans nationwide was 16.41 trillion yuan, a year-on-year increase of 12.5%.

As of the end of August, the number of Agricultural Bank of China branches in counties had reached 12,700, accounting for 56.4% of all branches.

The latest statistics from the State Administration of Financial Supervision show that the current township coverage rate of banking financial institutions across the country is 97.92%, and basic financial services and township insurance services in administrative villages have basically achieved full coverage, effectively meeting the needs of rural residents for cash deposits, withdrawals, remittances, and daily life. Financial demands for payment and other aspects have promoted the quality and upgrading of rural industries.