The Agricultural Development Bank Of China Accumulatively Granted 71.3 Billion Yuan Of Cotton Loans In 2023

The reporter learned from the Agricultural Development Bank of China on the 12th that from September 1, 2023 to August 31, 2024, the Agricultural Development Bank of China has granted 71.3 billion yuan of cotton loans, 4.4 billion yuan more than the previous year, and the loan balance at the end of August reached 127.4 billion yuan.

The cotton crop year in China is from September 1 of the current year to August 31 of the next year. In the 2023 cotton year, the Agricultural Development Bank of China issued 44.6 billion yuan of cotton purchase loans, a year-on-year increase of 7.7 billion yuan. The loans supported enterprises to purchase 2.98 million tons of cotton, a year-on-year increase of 30000 tons, and continued to play the role of the main channel for the supply of cotton purchase funds. By the end of August, all loans for cotton purchase had been "double zero" on schedule.

Agricultural Development Bank of China recently held a symposium on cotton credit in 2024 in Xinjiang to summarize the cotton credit work in 2023, study and judge the development situation of cotton industry, and deploy the cotton credit work in 2024. The relevant person in charge of the Agricultural Development Bank of China said that it is necessary to accurately grasp the current situation of the cotton market, and focus on the six keys of "stabilizing the acquisition, stabilizing the share, extending the chain, adjusting the structure, strengthening management, and controlling risks", so as to promote the high-quality development of cotton credit business and provide high-quality financial services for the development of the cotton industry.

2024 is the 30th anniversary of the establishment of Agricultural Development Bank of China and the 30th year of the development of cotton credit business. The person in charge said that for this year's cotton purchase, the Head Office arranged a credit scale of 50 billion yuan, which was specifically used to guarantee cotton purchase and effectively guarantee the income of cotton farmers.

(Source: Xinhuanet)