China's policy bank establishes special loan program for farmland development

China Development Bank, one of the country's policy banks, has decided to establish a special loan program to upgrade agricultural infrastructure and support farmland development in the country.

By 2030, the special program will provide financing support for over 40 million mu (about 2.67 million hectares) of land, according to the bank.

The move aims to ensure the supply of important farm produce and accelerating agricultural modernization, the bank said.

Funds from the program will be used to develop new high-standard farmlands and improve existing farmlands, and promote the application of information technology in the sector, among other things.

The bank also pledged continued efforts to leverage development-oriented financial instruments and roll out more favorable credit policies to support farmland development in the future.