Three key provinces promote rural revitalization

Banking and insurance regulators in Guizhou, Guangdong and Jiangsu provinces guided financial institutions to consolidate their achievements in poverty alleviation and promote rural revitalization through financial services, said regulatory officials.

Li Huatao, head of the Guizhou Office of the China Banking and Insurance Regulatory Commission, said the provincial regulator has promoted effective connection of the achievements in poverty alleviation and rural revitalization amid its efforts to increase and improve the supply of financial products and services to key fields of the economy.

As of the end of June, the balance of agro-related loans in Guizhou province reached 1.65 trillion yuan ($238.29 billion), more than five times the figure at the end of 2012. In terms of agriculture insurance, the sum insured was 148.78 billion yuan in the province, 48 times the amount at the end of 2012. Small loans newly granted to the people lifted out of poverty stood at 4.05 billion yuan.