Cotton purchase credit work comes to an end
Recently, the Xinjiang Branch of the Agricultural Development Bank of China achieved “double zero” cotton purchase loans for Xinjiang in 2020, marking the successful conclusion of the bank’s cotton purchase credit work in 2020.
In 2020, the Xinjiang Branch of the Agricultural Development Bank of China gave full play to its role as the main channel for the supply of cotton purchase funds, and provided a total of 42.5 billion yuan in cotton purchase loans to 143 companies, supporting the purchase of 3.57 million tons of cotton, accounting for 64% of Xinjiang’s total cotton output. Since the beginning of this year, the Xinjiang Branch of the Agricultural Development Bank of China has taken multiple measures to help farmers sell, effectively safeguarding the interests of cotton farmers.
The Xinjiang Branch of the Agricultural Development Bank of China actively promotes the cotton “value-preserving loan” business, combines the financial tool of cotton futures hedging with cotton sales, gives full play to the positive role of the futures market in discovering prices, guiding the market, and avoiding risks, and helps enterprises Broaden sales channels and speed up sales progress. As of the end of July, on-site and off-site hedging loan companies have registered and generated a total of 8,210 cotton futures standard warehouse receipts for 347,100 tons, helping companies make nearly 500 million yuan in profits.
The bank coordinates the use of cotton, cotton yarn “warehouse receipt loans” and other business models to promote the connection between cotton acquisition and the production and sales of downstream textile enterprises, and revitalize cotton and cotton yarn inventories. It has successively supported a number of downstream companies in the industry chain, effectively solving their unsalable problems and improving the liquidity of the entire cotton industry chain. At the same time, we provide preferential interest rates to enterprises in the industrial chain, provide priority guarantees in terms of funds, and implement priority acceptance in processes, etc., to effectively reduce costs and bring benefits to enterprises.
In addition, the Xinjiang Branch of the Agricultural Development Bank of China has established a good communication mechanism with enterprises through visits, discussions, etc., to help enterprises conduct rational analysis and prediction of the market, and guide enterprises to operate steadily. Based on the company’s implementation of sales contracts, we formulate a balanced sales plan, focus on promotional loan collection and inventory supervision of key companies, and establish a sales and loan repayment ledger to ensure that the balanced sales plan is implemented and the loan is recovered on time.
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