A press conference is held on April 10 in Changchun, Jilin province, giving details on Jilin's financial support for spring planting. [Photo/Jilin news network]

Authorities in Northeast China's Jilin province are putting measures in place to prepare for the spring planting and production, with the 30 Articles of Financial Assistance to Prepare for Spring Planting and Steady Growth launched on April 10, according to local media reports.

Jilin is one of the biggest corn producers in China and nearly 5 percent of the country's grain planting area is in the province, according to official data. The peak time for corn cultivation in northeastern Chinese provinces like Jilin usually falls in early May.

According to the policy, Jilin province is to increase the total credit supply. It is necessary to actively use monetary policy tools to improve the ability of financial institutions to provide credit, urge financial institutions to actively apply for funds and preferential credit policies to their head offices, and strive to make the province's annual loan increment and growth higher than the previous year.

Farmers get busy with spring planting in Jilin city of Jilin province. [Photo/Jilin municipal government]

The province is to increase financial support for key areas and entities. Financial institutions are required to ensure spring planting financial security through a combination of online and offline methods.

In 2022, the province will strive to achieve a growth rate of no less than 18 percent in inclusive small and micro loans, and a growth rate of 20 percent in medium and long-term loans in the manufacturing industry.

For the difficult industries in the service industry, the loan period will be extended, the loan amount will be increased, the loan interest rate will be reduced, and the actual down payment ratio and loan interest rate level of individual housing loans will be appropriately reduced.

Jilin will vigorously expand financing channels for market players. Cooperation and matchup with stock exchanges and the National Equities Exchange and Quotations will be strengthened to help companies applying for listing, major asset restructuring, and refinancing to speed up their applications.

For market entities that have difficulty in repayment due to the impact of the COVID-19 epidemic, the extension, loan renewal without principal repayment and adjustment of repayment methods will be carried out in accordance with market-oriented principles.