xi's moments
Home | National Affairs

China mulls extending pilot plan to mortgage rural land rights

Xinhua | Updated: 2017-12-22 16:02

BEIJING -- Chinese lawmakers Friday reviewed a draft decision to extend pilot program allowing farmers in selected areas to mortgage their land use rights and housing property rights.

The draft was submitted at a bimonthly session of the Standing Committee of the National People's Congress, which opened Friday.

Approved in December 2015, the pilot program for mortgaging contracted land use right was carried out in 232 regions, and that for mortgaging rural property right was started in 59 localities.

The pilot is scheduled to expire on Dec 31, 2017. The draft stipulates extending the pilot program for one year until Dec 31, 2018, to learn from experience and lay a solid foundation for further legal amendments.

The pilot program has achieved strong initial results, with improvement in rural financial services and higher incomes for farmers.

By the end of September, the program saw 44.8 billion yuan (about $6.8 billion) of loans issued in the 232 regions and 26.1 billion yuan issued in the 59 regions.

Global Edition
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349