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In order to thoroughly implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, the Central Economic Work Conference and the Central Financial Work Conference, implement the arrangements of the Central Document No. 1, learn and apply the development concepts, working methods and promotion mechanisms contained in the "Ten Million Project", and promote the comprehensive revitalization of rural areas, the People's Bank of China, the Financial Regulatory Commission, the China Securities Regulatory Commission, the Ministry of Finance, and the Ministry of Agriculture and Rural Affairs recently jointly issued the "Notice on Launching a Special Action to Learn and Apply the Experience of the "Ten Million Project" to Strengthen Financial Support for the Comprehensive Revitalization of Rural Areas" (hereinafter referred to as the "Notice").

The Notice proposes to implement five special actions. First, implement a special action to ensure food security through finance, expand the financial service scenarios of the entire industry chain such as food production, circulation, storage, and processing, innovate the financing model of high-standard farmland and facility agriculture construction, deepen the revitalization of the seed industry and agricultural science and technology financial services, and support eligible seed companies to go public, list financing and refinance. Second, implement a special action to consolidate and expand the results of financial assistance, continue to implement differentiated financial support policies for key assistance counties, maintain the intensity of credit supply in poverty-stricken areas, and study and plan a normalized financial assistance mechanism after the end of the transition period. Solidly carry out targeted assistance work. Third, implement a special action to provide financial services for rural industrial development, use financing channels such as credit, bonds, equity, and leasing, expand the scope of collateral, revitalize rural assets and resources, promote the integrated development of the first, second, and third industries in rural areas, and support farmers to increase their income and become rich. Actively connect with the financing needs of projects such as county logistics distribution centers, tap the role of data elements in circulation nodes in rural areas, promote the deep integration of supply chain capital flow, business flow, and logistics, and promote high-quality development of rural circulation. Fourth, implement special actions to support rural construction with finance, develop loan products for human settlements, and increase financial support for rural human settlements and ecological civilization construction. Strengthen financial guarantees for rural infrastructure construction and public service facilities, and support the integrated development of urban and rural areas in counties. Fifth, implement special actions to empower rural governance with finance, innovate financial support for the integration of agriculture, culture and tourism, and promote the integration of financial services with the promotion and cultivation of good family traditions and rural customs. Strengthen rural basic financial services, improve the digital integration platform in the field of rural revitalization, integrate agricultural information, and support the construction of digital villages.

The Notice emphasizes that the incentive effect of monetary policy tools such as re-loans, re-discounts, and re-loans for scientific and technological innovation and technological transformation should be brought into play, financial institutions should be encouraged to issue special financial bonds, and agricultural enterprises should be supported to issue financing tools, and the capital investment in key areas of rural revitalization should be continuously increased. The coordination of industrial, fiscal, and financial policies should be strengthened to smooth the service chain of government-bank-enterprise financing docking. All financial institutions should continue to optimize the service mechanism, realize the allocation of resources to counties, and better meet the diversified financial needs of various agricultural entities.

In the next step, the People's Bank of China will further strengthen communication and cooperation with the Financial Regulatory Administration, the China Securities Regulatory Commission, the Ministry of Finance, the Ministry of Agriculture and Rural Affairs and other departments, learn and apply the experience of the "10 million project", timely summarize the effectiveness of financial services for rural revitalization, strengthen statistical monitoring and assessment, promote the implementation of the five major actions, continuously improve the capabilities and levels of financial services, and help promote the comprehensive revitalization of rural areas.