Agricultural Development Bank of China to Issue 110 Billion Yuan in Loans to Support Summer Harvest

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One of the big three policy banks in China has stepped up lending to support the summer grain harvest, as the Chinese government seeks to shore up food security amidst conflict in Ukraine and heightened geopolitical tension.

The Agricultural Development Bank of China (ADBC) announced on 31 May that it had decided to issue 110 billion yuan in loans in advance for the purpose of supporting the summer harvest.

ADBC will also increase lending in future as required, in order to support storage, increase to supply and risk prevention, so as to “ensure the stable and orderly progress of summer harvest work.”

Zhu Yuanyang (朱远洋), assistant president of ADBC, said at a meeting held on 31 May that it would be necessary to increase the intensity of lending to support summer grain harvests, given the importance of the harvests to China’s food security.