Agricultural Development Bank of China Xinjiang Branch launches first cotton yarn warehouse receipt financing loan
The Xinjiang Branch of the Agricultural Development Bank of China took the initiative to improve its position, strengthened its responsibility, gave full play to its role as an agricultural policy bank, and innovatively launched cotton yarn warehouse receipt financing loans The model not only helps cotton spinning enterprises solve financing problems and prevent and control credit capital risks, but also ensures the normal operation of cotton market entities, “accelerates” the construction of the entire Xinjiang cotton industry chain and supply chain, and effectively promotes the revitalization of Xinjiang’s cotton industry.
Since last year, due to the impact of superimposed factors such as the COVID-19 epidemic, Xinjiang’s cotton spinning enterprises have suffered from a serious backlog of yarn product inventories, difficulty in the turnover of working capital, and severe disruptions to the cotton industry chain and supply chain. In order to help cotton spinning enterprises to improve their immunity against the epidemic to the greatest extent and open up the industrial and supply chain blockages, the Xinjiang Branch of the Agricultural Development Bank of China, with the strong support of the head office and the autonomous region, is guided by market demand and combined with its own business characteristics to actively explore and conduct repeated research. , relying on Xinjiang Textile Trading Center Co., Ltd. and JingweiTextile Machinery Co., Ltd. Xinjiang Company, based on the actual operating conditions of downstream enterprises in the industrial chain, innovating on the basis of the pledge of raw cotton warehouse receipts The cotton yarn warehouse receipt pledge loan business was launched to meet the financing needs of cotton spinning enterprises in a timely manner. In addition, in terms of supporting cotton spinning customers, the bank has adopted measures such as preferential interest rates in terms of policies, priority guarantee in terms of funds, and priority acceptance in terms of processes, which have effectively reduced costs and brought benefits to market entities, and effectively alleviated the burden faced by downstream cotton textile enterprises. Sluggish sales caused by insufficient consumption.
The cotton yarn warehouse pledge loan model is a powerful exploration of the bank to innovate to support the entire cotton industry chain and enhance the “Cotton Bank” brand effect. In the later period, the bank will actively promote the cotton yarn warehouse receipt pledge loan business and implement the national development of the textile and garment industry. One million peopleemployment strategy is expected to invest 45 billion yuan in various types of cotton loans to stabilize Xinjiang’s cotton market entities and promote highquality in the cotton industry Making new contributions to development.
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