Party members help provide financing for rural rejuvenation in Rugao development zone
Party members in Rugao, Nantong, East China's Jiangsu province, have explored different ways to help revitalize local villages and increase incomes for farmers in the Rugao Economic and Technological Development Zone.
The Rugao Rural and Commercial Bank has been working to provide convenient financial services to local residents in the development zone. In 2020, the bank launched an innovative program wherein a number of employees, including senior executives, are sent to local villages or communities to help solve financing issues for rural residents.
Jiangsu Hongjiu Aquatic Products Co, which is located in the Rugao development zone, was only a snakehead dealer five years ago, said Chen Bin, director of the inclusive finance department at the Rugao Rural and Commercial Bank. But after the company was granted 5 million yuan ($773,469) in loans in March 2017, it has been growing into a leading company in the snakehead industry that is also engaged in fish breeding and deep processing, according to Chen.
Hongjiu's daily sales of snakehead reach 75,000 kilograms, which generates 1.56 billion yuan in annual revenue. More than 30 households are working for the company and making over 100,000 yuan per year on average.
By the end of this May, the Rugao Rural and Commercial Bank had granted 12.1 billion yuan in loans to more than 100,000 families in 170 villages in Rugao.