Jul 29, 2010 06:37 PM

Farmers Allowed to Use Land as Collateral

Farmers in nine provinces have been using farm and residential land rights as collateral for loans through a trial project since 2008, and now the program is likely to expand to farmers across the country.

“Financial products designed for farmers and innovations (for rural development) will be offered across the country” starting in the second half of this year, said a July 27 statement on the website of the People’s Bank of China, the central bank.

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