Rural Revitalization

China CITIC Bank conscientiously implemented the strategic plans of the CPC Central Committee and the State Council for rural revitalization, and strictly observed the regulatory policy requirements. It developed an action plan for rural revitalization, through system and mechanism development, policy support and other measures, continued to develop distinctive service capacities for rural revitalization, and consistently improved the quality and efficiency of financial services to boost rural revitalization.

As of the end of June 2023, the balance of the Bank’s agriculture-related loans stood at RMB 547.586 billion, up by RMB 60.656 billion or 12.46% compared with the end of the previous year. Among them, the balance of agriculture-related inclusive loans was RMB 38.689 billion, an increase of RMB 5.624 billion or 17.01% from the beginning of the year, faster than the average growth rate of all loans; loans granted to key areas such as agriculture, forestry, animal husbandry and fishery as well as rural infrastructure construction, grain industry and new type of agricultural business entity also recorded growth.

The Bank set up a Steering Group for Inclusive Finance and Rural Revitalization by the Secretary of the Party Committee, to be responsible for establishing and improving the overall rural revitalization system mechanism, deliberating the development plans and important policies, and coordinating and promoting the business development; continuing to strengthen organization structuring and staffing of the Head Office and branches, and improving an organizational structure for rural revitalization; leveraging the advantages of inter-departmental collaboration mechanisms, holding regular meetings of the rural revitalization working group, and coordinating efforts to promote business development.

Firstly, the Bank built a product system for rural revitalization, focusing on the important aspects and key scenarios in the operation of small and micro enterprises, created a standardized online product system of “CITIC Easy Loan”, and launched products exclusive for rural revitalization such as high-standard farmland construction loan, forest ownership mortgage loan, and mortgage loan against management rights of contracted rural lands. Furthermore, the Bank actively promoted the application of financial technology in the field of agriculture-related finance, and created a “personal business scenario loan based on core enterprises”. Secondly, the Bank boosted the innovation of specialty products of branches, and launched a series of special products such as “Litchi Easy Loan” in Haikou Branch, “Forest Loan” in Nanning Branch, “Silage Loan” in Hefei Branch, “Breeding Loan” and “Fishing Boat Loan” in Fuzhou Branch, to improve the pertinence of products and services adapted to changing circumstances and local conditions and meet the regional distinctive financing needs.

Firstly, the Bank increased the credit and authorization policy support, included rural revitalization business into the scope of credit policy support, conducted industry research on the characteristic fields for rural revitalization, developed differentiated review and approval standards, and strengthened the application of NPL tolerance of new-type agricultural business entities in branch assessment, and promoted the improvement of the due diligence exemption system for agriculture-related credit; Secondly, the Bank increased scale and pricing policy support, incorporated indicators such as agriculture-related loans and loans in key sectors into the branch's comprehensive performance assessment, gave more support to rural revitalization in the internal fund transfer pricing, increased loan subsidies for rural revitalization, and reduced the financing costs of enterprises and individuals in the agricultural sector.