China to up financial support for rural vitalization

BEIJING -- China will continue to guide banks and insurers to optimize financial services to advance rural vitalization, the country's top banking and insurance regulator has said.

Financial input to ensure the supply of grains and important agriculture products in 2022 should be prioritized, the China Banking and Insurance Regulatory Commission said, pledging to step up financial support for rural industries and new types of rural business entities.

Efforts should be made to help rural residents who settle in urban areas to fulfill their financial demand in employment, housing, medical care, education and elderly care, the commission added.

Medium- and long-term credit input should be increased to improve infrastructure and public service in rural areas, the commission said, adding that digital finance in rural areas should be promoted.

Outstanding agriculture-related loans stood at 43.2 trillion yuan ($6.79 trillion) at the end of 2021, according to the commission.