On June 4, Agricultural Development Bank of China(ADBC) convened a work conference on lending for this year’s purchase of summer grain and edible oil. The conference investigated and analyzed the situation regarding summer grain purchase this year and made comprehensive deployment for lending in this regard. So far ADBC has raised RMB100 billion for the summer grain purchase lending.

It was noted at the conference that it is the primary responsibility of ADBC to provide credit support for the purchase of grain, cotton and edible oil and promote national food security. Under the regular prevention and control of the Covid-19, ensuring lending for summer grain purchase is of great importance to boosting farmers’ enthusiasm to grow more food, stabilizing the food market and promoting the economic and social stability. All branches shall carefully study the new situations in the lending for summer grain purchase, make thorough preparations for the initiation of minimum price procurement plan in advance, and ensure adequate funding for minimum price procurement, so as to fully tap the fundamental role of policy finance in the purchase of grain. Efforts should also be made to actively support local governments’grain reserve, enhance support for the rotation of local food reserves, and find markets for low-quality grains through local regulation. Targeted innovations in business models and further increase in support for market-oriented purchase were also demanded.

The conference demanded that branches at all levels should work consistently to improve their closed operation management system, focus on key links and implement full process supervision in line with new forms of business in the food market; tighten payment and inventory management of Sinograin commissioned warehouses and put in place an inspection system to ensure the authenticity of inventory; speed up the establishment of a client-oriented service management system and formulate client development plans, promote client classification management and improve services for corporate clients; set up a client marketing and maintenance system with ADBC characteristics and enhance comprehensive competitiveness to better serve this year’s grain purchase work.