China's rural policy bank issues bonds for epidemic control

BEIJING - The Agricultural Development Bank of China (ADBC), the country's only rural policy bank, issued bonds worth 5 billion yuan ($715.3 million) Tuesday, for both the battle against the novel coronavirus outbreak and poverty alleviation.

With a two-year maturity and a fixed interest rate at 2.2951 percent, the bonds were issued through public bidding at the Shanghai Clearing House.

The move aims to support the production of medical supplies and daily necessities amid the country's epidemic prevention and control efforts.

The funds will also be used to develop industries involved in the poverty alleviation campaign, including grain, oil and agricultural product processing, tourism, energy-saving and environmental protection.

Both epidemic control and poverty alleviation are closely related to people's livelihood and economic stability, said the ADBC.

The ADBC has approved emergency loans worth 10.07 billion yuan to combat the coronavirus and granted over 40 billion yuan in poverty alleviation loans this year.