China's policy bank lends more for pro-poor tourism in 2018

BEIJING - China's only rural policy bank has reported dramatically rising loans for pro-poor tourism in 2018.

The outstanding loans for pro-poor tourism amounted to 16 billion yuan ($2.35 billion) as of the end of 2018, up 141.6 percent from the beginning of the year, said the Agricultural Development Bank of China (ADBC).

To facilitate sustainable business development, the bank is pursuing a self-management policy and introducing PPP loan projects, it said.

Loans under new development modes reached 9.2 billion yuan last year, accounting for 87.9 percent of last year's total loans for pro-poor tourism, according to the bank.

In cooperation with the Ministry of Culture and Tourism and the State Council Leading Group Office of Poverty Alleviation, the bank has launched 57 financing projects to promote pro-poor tourism, with an intention to issue loans of 41 billion yuan.

While making more efforts to improve management, the bank has vowed to maximize its role as a policy bank and strengthen coordination to further enhance loan services on pro-poor tourism.

Established in 1994, the ADBC is under the direct leadership of the State Council to raise funds through a market based on national credit to support the development of agriculture, rural areas and farmers.