Agricultural Development Bank of China held a video conference on cotton credit work in 2022
In order to give full play to the functions of agricultural policy banks, effectively carry out the cotton credit work in 2022, and promote the high quality development of cotton credit business, August 31 , Agricultural Development Bank of China held a video conference on cotton credit work in 2022. Zhu Yuanyang, assistant to the president, attended the meeting and delivered a speech. 18 provincial branches involved in cotton credit business, including Xinjiang, Beijing, and Shanghai, participated in the meeting via video.
The meeting pointed out that in the 2021 cotton year, the Agricultural Development Bank of China will conscientiously implement the decisions and arrangements of the Party Central Committee and the State Council, actively respond to complex market situations, give full play to the cross-cyclical and countercyclical adjustment role of agricultural policy banks, and fully serve the stable development of the cotton industry. First, give full play to the role of the main channel for supplying funds for cotton acquisition. A total of 54.2 billion yuan of cotton purchase loans have been issued, supporting enterprises to purchase 3.15 million tons of cotton, accounting for 61% of Xinjiang’s cotton output announced by the Statistics Bureau that year. The second is to effectively serve the cotton industry chain and stabilize the supply chain. A total of 15.8 billion yuan of loans have been provided to more than 140 textile companies, and the spindle scale of the supported companies accounts for 1/3 of the domestic spinning production capacity; a total of nearly 740,000 tons of cottonimports have been supported , providing loans of 12.3 billion yuan, supporting cotton imports accounting for 49% of the total. The third is to actively promote business model innovation. A total of 420,000 tons of futures standard warehouse receipts have been registered under the cotton “value-preserved loan”, corresponding to a loan amount of 6.1 billion yuan, providing enterprises with liquidity of nearly 10 billion yuan and helping them save about 200 million yuan in financial costs. The successful opening of the Zhengzhou Commercial Exchange’s pledge channel business has made the Agricultural Development Bank of China the only policy bank currently offering this business, expanding the paths and channels for cotton credit business.
The meeting emphasized that supporting cotton purchase is the main responsibility of the Agricultural Development Bank of China. Xinjiang cotton purchase is more related to the stability of Xinjiang, national unity, and rural revitalization. It is of great significance to do a good job in cotton purchase credit. On the premise of effectively preventing and controlling risks, we must actively innovate business models, support the development of cotton imports and the entire downstream textile industry chain, focus on supporting leading cotton industry enterprises with great influence and strong radiation driving capabilities, and promote the high-quality development of cotton credit business.
The meeting required that we should be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, conscientiously implement the spirit of General Secretary Xi Jinping’s instructions during his investigation in Xinjiang, implement the requirements of the National Branch Presidents Conference, and follow the principle of “based on one persistence and handling two relationships. , focus on three areas and implement the principle of “four in place”. First, make every effort to do a good job in credit work for cotton purchase in the new year. We will make various preparations in advance to ensure the smooth progress of new cotton acquisitions, strengthen credit risk management and control, implement the “dual-line” policy, and control the pace of loan disbursement. The second is to do a good job in the leading credit business of cotton industrialization. Focus on the three main links of loan management, structural adjustment and business innovation. Loan investment should focus on supporting textile enterprises to purchase cotton, establish a business philosophy of focusing on marketing for high-quality customers, focusing on management for general customers, and focusing on exiting low-quality customers, and implement risk management Mitigation measures. The third is to innovate the cotton credit business model. It is necessary to effectively play the role of the “value-preserved loan” model in preventing risks and promoting business, continue to promote the development of “warehouse receipt financing” business, and study and promote cotton supply chain financial business. The fourth is to strengthen organizational leadership. It is necessary to improve the political position, consolidate work responsibilities, strengthen communication with the government and relevant departments, create a good public opinion environment, and ensure the smooth progress of cotton credit work.
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