November 14, 2019


Chinese bank to support China's hog production with US$7.15 billion for next three years


The Agricultural Development Bank of China (ADBC), China's only rural policy bank, said it would provide a total of ¥50 billion (US$7.15 billion) of credit in the next three years to support hog production.

It would reinforce medium- and long-term credit support for leading enterprises to meet their fund demand for the construction of production bases, said the ADBC in a statement.

Meanwhile, the bank will innovate the use of supply chain and blockchain technologies to provide online financial services for small and medium-sized firms and pig farmers and lower their financing costs.

The ADBC will also work to support pig breeding, production of pig feed and the development of cold-chain logistics to help curb the growth of pork prices, it said.

Established in 1994, the ADBC is under the direct leadership of the State Council to raise funds through a market based on national credit to support the development of agriculture, rural areas and farmers.