China's rural bank issues about 1.61 trln yuan of loans in H1

Xinhua, July 18, 2023
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This aerial photo taken on June 12, 2023 shows a view of Meiyuan Village in Cixi City, east China's Zhejiang Province.(Xinhua/Xu Yu)

The Agricultural Development Bank of China, a rural policy bank, issued about 1.61 trillion yuan (about 225.72 billion U.S. dollars) of loans in the country in the first half of 2023, hitting a record high.

By the end of June, the net increase of loans issued by the bank stood at 829.9 billion yuan, according to the bank. Outstanding loans came in at 8.57 trillion yuan during the period.

In the first six months, the bank issued about 1.25 trillion yuan of bonds amid its efforts to beef up capital support for China's agricultural sector and rural areas, the bank said.

Established in 1994, the bank is the only agricultural policy bank in China under the direct leadership of the State Council, which is the country's cabinet.