Chinese policy bank ups loan support for farmland cultivation

This aerial photo taken on Sept. 23, 2023 shows farmers harvesting rice in paddy fields of Kuzongqiao Township, Hengyang City, central China's Hunan Province.(Photo by Cao Zhengping/Xinhua)

BEIJING, Oct. 3 (Xinhua) -- The China Development Bank (CDB), one of the country's policy banks, has stepped up loan support for the cultivation of high-standard farmland.

By the middle of September, the lender had issued a total of 24.5 billion yuan (about 3.42 billion U.S. dollars) in loans to support farmland cultivation, which is expected to help foster 4.25 million mu (about 283,333 hectares) of high-standard farmland.

The CDB has issued 5.3 billion yuan of loans since the beginning of 2023 to support high-standard farmland cultivation and farmland infrastructure upgrading projects in Jilin, Jiangsu, Sichuan, Guangxi and Ningxia.

The bank said it will continue to leverage the role of development finance to support agricultural infrastructure construction and give stronger financial support for high-standard farmland cultivation.