China Development Bank doubles loan support for farmland work

A farmer operates machine to plough fields in Zhongping Village of Changde, central China's Hunan Province, March 19, 2024. (Xinhua/Lu Ye)

BEIJING, April 4 (Xinhua) -- The China Development Bank (CDB), a major policy bank in the country, has enhanced financial support for farmland development and protection, as well as land productivity improvement across the country this year.

The bank issued 2.59 billion yuan (about 365 million U.S. dollars) worth of special loans for farmland development in the first quarter of this year, more than doubling the amount issued in the same period a year earlier.

To help ensure grain security and stable supplies of agricultural products, the bank has provided medium- and long-term financial support for high-standard farmland development and upgrade in China's 13 major grain-producing regions in recent years.

In the next stage, it will strengthen inclusive financial support in key areas such as infrastructure in rural areas and sci-tech innovation in the agricultural sector, the bank said.