China News Service, October 11. According to the website of the China Banking and Insurance Regulatory Commission, the China Banking and Insurance Regulatory Commission recently issued the "Notice on the Rejuvenation of Villages with High Quality Services for the Banking and Insurance Industry in 2021" (hereinafter referred to as the "Notice").
The "Notice" proposes to expand the scope of pilot programs for complete cost and income insurance for the three major staple food crops, and encourage the development of local advantageous and characteristic agricultural products insurance.
Data map: Aerial photography of organic rice and ratooning rice in the mountainous area of Jiulongshan Township, Fairy Lake District, Xinyu City, Jiangxi Province.
Photo by Zhao Chunliang
The "Notice" puts forward the requirements for the high-quality service of the banking and insurance industry for rural revitalization in 2021 from eight aspects, including optimizing the financial service supply system and service mechanism, strengthening the supply of financial products in key areas, improving the quality and efficiency of county financial services, and strengthening rural credit System construction, playing the role of insurance protection, innovating financial products and services, supporting the consolidation and expansion of poverty alleviation results in effective connection with rural revitalization, and strengthening differentiated supervision and assessment, etc., involve a total of 23 specific content.
The "Notice" proposes to further strengthen the positioning and service focus of various institutions, focus on improving differentiated competitiveness, and build a service system with distinct levels and complementary advantages.
Encourage banking financial institutions to establish internal institutions that serve rural revitalization.
In terms of internal policy preference, on the basis of the original economic capital allocation, internal fund transfer pricing, staffing, assessment incentives, and expense arrangements, banks are encouraged to give policy preference to rural revitalization business in terms of credit approval process, credit authorization, and product research and development.
The "Notice" requires the banking and insurance industry to increase the supply of credit and insurance services around the key areas determined by the Central Rural Work Conference.
Prioritize support for national food production, help make up for the shortcomings of agricultural and rural infrastructure, and innovate to serve new types of agricultural business entities, farmers, and farmers entering cities.
The "Notice" proposes to scientifically formulate a loan-to-deposit ratio improvement plan for counties with poor fund adaptability, to improve the adaptability of county credit funds, and to meet the effective funding needs of counties in a timely manner.
Maintain the basic full coverage of rural basic financial services, optimize county and community financial services, meet the comprehensive financial needs of county customers, and improve the convenience of special groups to obtain financial services.
The "Notice" proposes to expand the scope of pilot programs for the full cost and income insurance of the three major staple food crops, and encourage the development of local advantageous and characteristic agricultural products insurance.
Actively develop inclusive insurance for low-income groups, innovate commercial pension insurance products, and develop health insurance business, term life insurance, and rural accident insurance for county residents.
The "Notice" encourages the banking and insurance industry to strengthen the application of financial technology and digital technology in agricultural finance, improve the credit efficiency of long-tail customers in rural areas, and the level of digital and intelligent operation of agricultural insurance.
Further broaden the scope of collateral for agriculture-related loans, and establish and improve the rural property mortgage registration and transfer system and the agricultural-related loan risk compensation mechanism.
The "Notice" requires the banking and insurance industry to consolidate the results of poverty alleviation, maintain the overall stability of assistance policies during the transition period, and apply the experience and practices of poverty alleviation to rural revitalization.
Increase policy support for county-level industrial development and national rural rejuvenation key counties, grant small credit loans with preferential interest rates and appropriate financial discounts to poverty-stricken households and marginal households who are prone to poverty, and strive to complete the credit insurance assessment targets for poverty-stricken areas.
The "Notice" proposes that regulatory agencies at all levels should promote local governments to establish and improve agricultural-related credit information data platforms in areas where conditions permit, and carry out credit file rating work for new agricultural business entities, and strive to basically achieve complete credit file ratings by the end of 2023. Coverage, credit granting "can grant as much as possible", and the demand for rational use of credit can be effectively met.
The "Notice" clarified the goal of differentiated supervision and evaluation in 2021, and strive to achieve the continuous growth of agricultural loans of the same caliber, and complete the goal of differentiated evaluation of inclusive agricultural loans.
The Agricultural Development Bank and large and medium-sized commercial banks should strive to achieve the goal of inclusive agriculture-related loans growth faster than the average growth rate of all loans of the bank.
The Banking and Insurance Regulatory Bureaus shall formulate assessment targets for the growth rate of inclusive agriculture-related loans for legal entities within their jurisdictions in light of local conditions.