The People’s Bank of China has issued new guidelines that urge banks to grant longer term loans at lower interest rates to family farms.
The PBOC wants banks to increase lending support to the agriculture sector, mainly family farms, and streamline their loan approval procedures.
The PBOC also is calling for favorable terms for agriculture loans that include below-average lending rates with maturities of up to 10 years for longer-cultivation-cycle crops.
The PBOC says each family farm is entitled to a loan of as much as 10 million yuan, or about 1.64 million U.S. dollars.
Source: CCTV
Source: CCTV
