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ADBC opens Pingtan branch

( chinadaily.com.cn )

Updated: 2015-04-22

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The Pingtan branch of the Agricultural Development Bank of China (ADBC) was inaugurated on April 7, becoming the first policy-oriented financial institution in the Pingtan Comprehensive Pilot Zone (PCPZ) , Fujian province.

Under the direct leadership of State Council, ADBC is mainly responsible for financial business in accordance of the country's agricultural policies and appropriating government funds for agriculture.

ADBC has become the eighth bank to settle in Pingtan .

PCPZ was established in 2009 as the only experimental zone on the Chinese mainland open to Taiwan. It has carried out wide reforms in finance, traffic and tourism, all to boost cross-Straits communications and cooperation.

In December 2014, it was approved as one of three sections of the Fujian Pilot Free Trade Zone.

Chinese President Xi Jinping inspected Pingtan in November 2014, and confirmed the national strategy for Pingtan's development.

Now Pingtan is on the frontline of Fujian's development, which is why ADBC is here – to assist its development. It will give priority to Pingtan's credit needs, said Wang Zhiguang, deputy governor of ADBC's Fujian branch.

Pingtan is in the key phase of construction, meaning it will need a lot of money. And ADBC will use its advantages in financing and loans to support rural infrastructure, water conservation and resettlement housing, said Xiong Jianxin, the bank's chief.

"Moreover, ADBC also hopes to set up a financial platform for Taiwan entrepreneurs. Taiwan has more advance agricultural and sideline product processing, which matches ADBC's emphasis on agriculture," he added.

ADBC has supported Pingtan's development even before opening the local branch.

In 2011, ADBC's Fujian branch agreed to provide a credit line of up to 20 billion yuan for Pingtan in the next five years.

The bank also approved 4.7 billion yuan in loans for the construction of five major infrastructure projects in Pingtan over past several years.