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China's rural outstanding loans hit 7.59 trillion yuan

(Xinhua)
Updated: 2009-07-29 13:30

China's outstanding loans to the rural sector grew 11.9 percent year-on-year to 7.59 trillion yuan ($1.11 trillion) in the first half, accounting for 20.8 percent of the country's total outstanding loans, said a report from the People's Bank of China, the country's central bank, Tuesday.

Related readings:  Rural loans program wins international recognition  Rural China badly needs bank loans, regulator says  Regulator: Banks see fall in non-performing loans in H1  PBOC rules out monetary policy change

Small credit loans outstanding from rural households stood at 251.86 billion yuan, up 17.5 percent over the same time of last year, according to the report.

The government has been trying to channel lending to the countryside to boost rural development as the rural financial market has been regarded as underdeveloped.

The Communist Party of China Central Committee issued a document in October last year to call for the widening of financing channels to steer more credit to rural development.

The call also urged lenders to expand agriculture-supporting businesses and offer more policy-based financial aid for agricultural development.