Staff members of the Jilin branch of Postal Savings Bank investigate the beef cattle industry in Qianfangshen village, Siping. [Photo provided to gojilin.gov.cn]

The Jilin branch of Postal Savings Bank has launched new financial products to facilitate the development of the beef cattle industry in Northeast China's Jilin province by offering special guarantee loans, according to local media reports.

Earlier in September, the provincial government issued the Implementation Plan for the "Straw to Meat" Project and Beef Cattle Project in Jilin Province, making detailed arrangements to create a strong livestock husbandry industry in the province.

The Jilin branch of Postal Savings Bank launched new financial products that will meet the diverse financial needs of beef cattle farmers, support the revitalization of the beef cattle industry, and accelerate the construction of the beef cattle industry cluster in Jilin province.

Qianfangshen village in the city of Siping has a 30-year history of raising beef cattle. The village plans to vigorously develop the animal husbandry industry. 

Bank staff members learn about the beef cattle industry in Qianfangshen village, Siping. [Photo provided to gojilin.gov.cn]

Liu Xiaodong in Qianfangshen village has been raising beef cattle for more than 10 years. In 2018, he borrowed 300,000 yuan ($46,980) to keep 100 beef cattle. This year he borrowed 1 million yuan, and he now has 200 beef cattle.

The bank will also improve its big data application capabilities and continue to expand the coverage of "online instant approval", as well as strive to build 5,000 credit villages and 100,000 credit users by the end of 2022.

According to bank officials, by the end of 2022, they aim to provide credit of more than 2 billion yuan to support the beef cattle industry, quadrupling the number at the end of 2020.