Guarantee company to support agriculture
Print Edition
CHINA has set up an agricultural credit guarantee company to help solve long-standing financing problems in agriculture and rural areas, the Ministry of Finance said yesterday.
The firm, which was set up by the China Banking Regulatory Commission and ministries of finance and agriculture, is a policy guarantee institution and not for profit.
The initial funding of the company was more than 4 billion yuan (US$611 million), including 3 billion yuan from the treasury. The rest came from 11 provincial-level guarantee institutions.
The capital will increase to 15 billion yuan over the next three years as more organizations join.
The tasks of the company include setting national re-guarantee business standards, offering re-guarantees to all provincial-level guarantee organizations and developing agricultural credit guarantee products.
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