CDB increases support for high-standard farmland

BEIJING (APP): The China Development Bank (CDB), one of the country’s policy banks, stepped up financial support to cultivate high-standard farmland in the first half of this year.
The lender issued 4.3 billion yuan (about 596.77 million US dollars) in loans to support high-standard farmland cultivation and farmland infrastructure upgrading projects in Jilin, Jiangsu, Sichuan, Guangxi and Ningxia during the period.
By the end of June, the lender had issued a total of 23.5 billion yuan of loans for farmland cultivation, which will help foster 4.25 million mu (about 283,333 hectares) of high-standard farmland in the country.
The bank said it will continue to leverage the role of development finance to support agricultural infrastructure construction and roll out more favorable credit policies for farmland cultivation.
Founded in 1994, the CDB is designed to provide finance to major national projects and development strategies.
Outstanding loans of China’s consumer finance firms up 17.5 pct in 2022
Outstanding loans of China’s consumer finance companies stood at 834.9 billion yuan (about 115.9 billion US dollars) by the end of 2022, up 17.5 percent from a year ago, according to an industry report.
Total assets owned by these firms also rose 17.5 percent to 884.4 billion yuan at the end of last year, according to the report issued by the China Banking Association.
Consumer finance companies have managed to lower interest and commission payments while working to facilitate consumption, the report said.
In 2022, they exempted interest payments of 5.19 billion yuan and handled deferred repayment of loans worth 5.89 billion yuan, the report revealed.