Investment for China's rural vitalization is estimated to top 7 trillion yuan as fields like rural infrastructure construction have huge investment opportunities, said by Yu Xinrong, vice minister of Agriculture and Rural Affairs, last Friday, quoted by Economic Information Daily on Monday.
Yu made the above remarks at a summit on the rural vitalization held by the Ministry of Agriculture and Rural Affairs.
Yu also pointed out that China is expected to roll out a series of policies for rural vitalization through financial services soon. For example, China's central bank, People's Bank of China (PBOC) is about to release a guideline for the financial institutions to serve the rural vitalization. The Ministry of Finance (MOF) is set to unveil a policy for high-quality development of the agricultural insurance.
Currently, there are still a large number of financial service gaps in rural areas across the country. The availability and convenience of financial services for the rural residents have not yet been fundamentally improved. The flexible and diversified financing needs of agribusiness have not been fully met, said Lin Jingzhen, vice president of Bank of China.
He noted that in the future, with the advancement of the rural vitalization strategy, driven by factors such as agricultural supply-side reform, land system reform, and Internet development, the demand for financial services in rural areas will increase tremendously.
Zhang Gengsheng, vice president of China Construction Bank, suggested that local governments, agricultural credit guarantee companies, insurance companies and financial institutions jointly build a multi-level risk-sharing mechanism to improve the availability of financing for rural enterprises and individuals.