Credit policy stresses rural finance, new industries

China's central bank has informed all branches and financial institutions of this year's credit policy, stressing better services for rural finance and emerging industries, the Shanghai Securities News reported on Friday.

The People's Bank of China (PBOC) urged a start to pilot mortgage loans for rural land contractual management rights while prudently boosting pilot mortgages for farmers' housing property, the newspaper said.

Mortgages for forestry property rights and the right to use sea areas will be encouraged to fuel new agricultural business operations, and farmers' ordinary financial needs will be satisfied with more rural micro loans, according to the report.

The central bank also called for the special financing products that serve new technology-based enterprises, so as to support emerging industries such as information consumption, integrated circuits, green vehicles and the PV industry.

And it said there should be more focus on tackling overcapacity through reshaping production and injecting technologies. New credit support will be prohibited in industries with excess production capacity, while services for green enterprises will be highlighted.

Meanwhile, the PBOC underlined financial services in the urbanization process, especially concerning infrastructure construction, high-quality private capital, risk control and housing loans.