Comprehensive Service Platform For Cotton Farmers To "Escort" Cotton Production

The reporter learned from China Supply and Marketing Group recently that in recent years, the comprehensive service platform for cotton farmers has played the role of a financial aid platform for cotton production.

In order to reduce the planting cost of cotton farmers and relieve the pressure of capital turnover of cotton farmers, the national cotton trading market affiliated to China Supply and Marketing Group will give play to the big data advantage of the whole cotton industry chain and launch the comprehensive service platform for cotton farmers in August 2021. The platform cooperates with a number of banks to innovate the service model, and converts the cotton farmers' planting and sales data into "cotton planting credit report", providing accurate basis for the bank to extend credit to cotton farmers, and providing credit support for the majority of cotton farmers.

"We deeply studied the credit pain points of cotton farmers, cooperated with several banks with the cotton farmers' comprehensive service platform as the link, provided solutions for large cotton growers, effectively improved the utilization rate of loans, and optimized the service process of helping farmers and benefiting farmers." Shan Xu, head of the cotton farmers' comprehensive service platform, said.

"In the past years, we had to go to the bank to 'run for loans' in addition to agricultural material stores and supply and marketing cooperatives before sowing. Without much information, the loan would be possible in ten days and a half months." Zhang Haopei, a cotton farmer in Bachu County, Xinjiang, said that this year, he completed authorization on the cotton farmers' comprehensive service platform, free of mortgage and guarantee, and applied in the morning and the loan would arrive in the afternoon.

The reporter learned that the platform not only helps alleviate the financial difficulties in cotton production, but also provides agricultural financial institutions with digital and intelligent information services to help farmers. "At present, the balance of farmers' loans in our bank exceeded 300 million yuan for the first time, and 683 'cotton farmers' e-loans' were launched online alone, amounting to 190 million yuan." A staff member of Agricultural Bank of China Kuche Sub branch introduced.

"We have jointly carried out innovative cooperation with large state-owned banks. Over the past two years, various banks have granted more than 10 billion yuan of agricultural loans through the comprehensive service platform for cotton farmers, and the number of loan accounts has reached 35000." Shen Jieqiang, deputy general manager of the national cotton trading market, said.

(Source: Xinhuanet)