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PSBC deploys implementation of the “No. 1 Central Document” spirits and deepens implementation of the rural vitalization strategy

Date: 2018-02-08

Postal Savings Bank of China has recently deployed to carry out the requirements of the Opinions of the Central Committee of the CPC and the State Council on Implementing the Strategy for Vitalizing Villages (the “No. 1 Central Document”), studied and developed a program for implementing the spirits of the No. 1 Central Document. The Bank proposed to deepen the building of the Sannong (agriculture, farmers and rural areas) Finance Department’s system and mechanism, continuously increase the credit granting to the key fields of Sannong, and actively serve the supply-side structural reform of agriculture in order to support the rural vitalization strategy.

The No. 1 Central Document has focused on the issue of Sannong for 15 years in a row and mentioned postal savings or PSBC for 12 times. The No. 1 Central Document 2018 proposes clearly to “strengthen the support of Sannong Finance Department of Agricultural Bank of China and Postal Savings Bank of China for the vitalization of villages”.

Since the No. 1 Central Document 2016 put forth the requirement of “supporting the Postal Savings Bank of China to set up a Sannong Finance Department and build a professional services system for agriculture, farmers and rural areas”, PSBC has actively set up the Sannong Finance Department and made endeavors to specialize the Sannong service system in accordance with the Sannong development strategy of the CPC Central Committee and the State Council. In the meanwhile, PSBC has promoted the reform of Sannong Finance Department throughout the whole bank. So far, the Bank has set up Sannong Finance Department at provincial, city and county-level institutions. Now, a “four-level architecture and three-tier” management mechanism has been formed, with interaction of wholesale and retail banking. The service scope covers all kinds of entities in the agricultural industry and the credit review & approval function is embedded in order to raise the business handling efficiency.

According to an official of PSBC, the most difficult and arduous tasks in building a moderately prosperous society in all respects are related to the rural areas. The most extensive and in-depth foundation lies in the rural areas, while the greatest potential and further growth momentum are also hided in the rural areas. To implement the rural vitalization strategy is necessarily required to achieve the two centenary goals, and to achieve common prosperity of all the people. Rural vitalization refers to an all-round progress in agriculture and rural areas. It is a systematic project relating to the overall development of rural economy, society and culture. PSBC fully understands the great historical significance of rural vitalization, integrate various functions, take various measures, inject funding into rural development, and provide strong support for the rural sustainable development.

While perfecting the operating mechanism of Sannong Finance Department, PSBC will formulate the implementation opinion on supporting rural vitalization strategy per the requirements of financial regulators. In terms of the strategic development plan, PSBC concentrates to support the key areas of rural vitalization, regards new-typed agricultural entities, whole agricultural industry chain, important and pillar projects in rural areas and targeted poverty alleviation via finance as the four priorities of service, and tries to upgrade from “small Sannong” to “big Sannong”. In terms of system and mechanism building, PSBC builds the supportive system of Sannong financial services, and further enhances the supportive force for Sannong finance by upgrading from partially preferential policy to across-the-board guarantee, on the basis of its operating mechanism characterized by “seven independence and two inclinations”. In terms of the business development model, PSBC improves the agro-related business development model, makes full use of the advantage of city branches that are close to neighboring headquarters and county sub-branches that are rooted in rural areas, and builds a city & rural coordination model. In terms of team building, PSBC further defines roles and responsibilities of departments, cultivates more professional teams for Sannong financial services, enhances training in the aspects of know-how, practical ability and risk prevention & control, etc., and guarantees the scale and quality of Sannong financial talent teams. In terms of platform cooperation and exploration, relying on the advantages of postal offices in wider presence and diversification of business formats, PSBC actively explores the new paths of developing Sannong finance through China Post & PSBC cooperation, aiming to build a coordinative model between the two parties. PSBC continues the good cooperation with external platforms, and updates coordination models with them through network connectivity and resource sharing.

As a state-owned large retail commercial bank, PSBC is dedicated to serving the national strategies and assuming its responsibilities. It continues to deepen the system and mechanism reforms in Sannong fields, takes the supply-side structural reform of agriculture as a key direction, speeds up in promoting modernization of agriculture, and continuously increases the support for new-typed agricultural entities such as family farms, big and specialized households and specialized farmers cooperatives. As of the end of September 2017, PSBC reported a balance of agro-related loans of more than RMB1 trillion, and it accumulatively granted loans of close to RMB100 billion to new-typed agricultural entities, and served nearly 330 thousand such entities.

An official of PSBC said, the Bank will deepen the study and implementation of the spirits of the No. 1 Central Document, focuses on the Sannong Finance Department to accelerate the exploration of a characteristic and commercially sustainable “Sannong” financial development road, and build “Sannong” financial services to a role model of serving the national strategies and carrying out the retail banking strategy. In this way, PSBC will inject new momentum into serving rural vitalization strategy, and provide new growth drivers for securing a decisive victory in building a moderately prosperous society in all respects and building China into a modern socialist country.