China to establish regular financial support mechanism for rural revitalization

BEIJING -- China's central bank and three other government departments have issued a guideline to establish a regular financial support mechanism to help prevent a relapse into poverty and advance all-around rural revitalization, the People's Bank of China (PBOC) said on Saturday.

The guideline, jointly released by the PBOC, the National Financial Regulatory Administration, the China Securities Regulatory Commission, and the Ministry of Agriculture and Rural Affairs, outlines a range of financial measures.

Specifically, it calls for improving a long-term, development-oriented financial assistance mechanism for key groups, and optimizing microcredit programs for people lifted out of poverty and rural households, to provide regular support for preventing rural residents from lapsing or relapsing into poverty.

The guideline emphasizes the need to strengthen financial inputs in key areas and improve financial services for grain and edible oil production. Efforts should also be made to increase medium- and long-term funding for rural infrastructure and to support the integrated development of agriculture, culture and tourism, the guideline said.

It also urges financial institutions, particularly those in underdeveloped areas, to issue special-purpose bonds for small and micro businesses and agriculture-related sectors.