Land for collateral to be tested
Print Edition
China will allow farmers to use their land and property as collateral for loans on a trial basis to deepen reforms.
The State Council said the People’s Bank of China, as well as financial institutions and tax authorities, would jointly issue a management rule for the pilot program to ensure the smooth operation of the project.
Six counties in Heilongjiang and Jilin provinces have been testing the program since last year. Its results have prompted the government to extend the program nationwide.
“We will steadily and appropriately conduct the pilot program on the use of the two rights (land and property) as collateral, on condition that risks will be controlled and on the basis of relevant rural and reform laws and policies,” a State Council statement said.
It added that the program will be implemented on a voluntary basis to ensure that the farmers benefit from the programs, and stick to the public-ownership nature of the farmlands while making sure that supporting mechanism are in place for loan offerings.
It will also maintain a minimum area mandated by the government to be reserved for growing crops.
Provincial level governments can approach the central working committee for review and to decide whether the regions are eligible for the trial program.
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