The picture shows a financial service point in Zhongping village of Hanyin county of Northwest China's Shaanxi Province. Photo: Courtesy of China Construcion Bank

In recent years, the China Construction Bank has implemented the decisions and plans of the central government, continuously increasing the supply of financial services in the field of agriculture, rural areas and farmers, contributing to the rural revitalization with its financial strength.

In order to better address the contradiction between the supply and demand of rural finance, CCB has taken the lead in the industry to set up a rural revitalization finance department, viewing rural revitalization as a new core field. 

Focusing on the main position of rural workers, the bank has launched innovations in rural financial infrastructure, product structure, service mode, credit management process, risk control and other modules to realize the goal of universal benefits and activate rural resources to help farmers increase their income, so that finance can become an important force in the development of the agriculture, rural areas and farmers.

As of the end of December 2023, the balance of CCB's agriculture-related loans amounted to 3.82 trillion yuan, an increase of more than 800 billion yuan from the beginning of 2023, at a growth rate of 27 percent.

Process facilitation
"When I expanded my farmhouse, I spent more than 100,000 yuan. At that time, I got a loan from CCB with just a simple process on my mobile," said Sheng Hongqun, a villager of Hongda village of Ankang city, Northwest Shaanxi Province, who was very satisfied with the financial services provided by CCB.

"In addition to favorable interest rates, the bank provides convenient financial services. A lot of business can be solved at the touch of a finger. If it can't be address by cellphone, the business manager can provide door-to-door services," he noted.

The service offered by the CCB is one of the innovative products to break through the difficulties and blockages of financial services to the rural areas, and it is a key product of the CCB to serve farmers and promote rural revitalization.

The Cailiang community of Ankang has set up a financial service point with products from the CCB. In addition to basic financial services such as deposit and withdrawal, money transfer and remittance, the service point can also provide social security and medical insurance, agricultural subsidies, payment of living expenses and other livelihood services.

Improving financial literacy
In addition to weaving a network of financial services through its products, CCB is also committed to changing the financial concepts and awareness of farmers, proactively approaching farmers to enhance their financial literacy.

The CCB branch in North China's Inner Mongolia Autonomous Region, together with local authorities, has explored a new way of financial service for rural revitalization - the "financial deputy village head" model.

That is to say, the local government appoints college students or village officials as "financial deputy village head" to interpret government policies to farmers and disseminate financial knowledge, in a bid to better help authorities with the governance of the financial and credit environment in villages, provide feedback on the financial needs of farmers and herdsmen, and construct a bridge for grass-roots finance.

The "financial deputy village head" is an innovative model that synchronizes the expansion of financial business with the development of rural talent. Through the organic interaction between capital, talent and industries, it provides multiple elemental support for the enhancement of sustainable capacity of the rural areas, and it is an effective and easy-to-replicate innovative model. 

So far, the model has gone out to North China's Hebei Province and East China's Shandong Province.

China has ramped up financial support for rural revitalization. According to financial service guidelines for rural revitalization released by the People's Bank of China, the country's central bank, by 2035, the country will promote the establishment of a modern rural financial system that is multi-level, wide-coverage, sustainable, appropriately competitive, orderly and innovative, and with controlled risks.

China unveiled its "No.1 central document" for 2024 on February 3, outlining the priorities for comprehensively promoting rural revitalization this year. As the first policy statement released by China's central authorities each year, the document is seen as an indicator for current and future policy priorities.

On China's new journey in the new era, the focus should be on promoting rural revitalization across the board while carrying forward work related to agriculture, rural areas and farmers, the document noted.

A people-centered development philosophy should be upheld to deliver tangible benefits to the people and to make substantial progress, according to the document.