"Under the guidance of the re-lending policy for supporting agriculture, the province's agriculture-related loans showed a new form of' steady increase and interest rate reduction', and the financing costs of' agriculture, rural areas and farmers' continued to decrease." Liu Haijun, deputy director of the Monetary and Credit Management Office of Zhengzhou Central Branch of the People's Bank of China, said. In the first quarter of this year, the interest rate of agricultural loans of local corporate financial institutions in the province was 9.9%, down 0.62 percentage points from the same period last year. Among them, the weighted average interest rate of agricultural loans issued by agricultural re-loans was only 6.77%, down more than 3 percentage points from the previous year.
Use credit policy to support refinancing, guide and explore ways to reduce financing costs, promote local corporate financial institutions to innovate products and services, and make a number of agriculture-related enterprises develop rapidly. Since the beginning of this year, the People's Bank of China has issued a total of 9.93 billion yuan of loans to support agriculture in the province, directly saving nearly 300 million yuan of interest expenses for enterprises and farmers.