China's policy bank issues loans for spring plowing

BEIJING — The Agricultural Development Bank of China (ADBC), a rural policy bank, has issued loans worth 36.6 billion yuan (about $5.6 billion) for the upcoming spring plowing.

The ADBC will grant a further 12 billion yuan in loans for plowing and preparations, to help ensure grain security and the supply of farm produce, said Qian Wenhui, ADBC chairman, at a press conference on March 25.

Looking ahead, Qian said the policy bank will focus on the country's targets for cultivating high-standard farmland with stronger loan support.

From 2015 to 2020, the loans issued by the ADBC for grain production totaled 282.4 billion yuan.