Agricultural Development Bank: 80 Million Yuan To Help Corps Cotton Enterprises To Resume Production

Recently, the Yili branch of the Agricultural Development Bank made the fourth division of Xinjiang production and Construction Corps, Chuang Jin Cotton Industry Co., Ltd. (hereinafter referred to as Chuang Jin cotton industry) successfully launched a cotton purchase loan of 80 million yuan, which was used to support enterprises' spot lending and acquisition of cotton lint.

As a cotton and flax backbone enterprise of the fourth division of the Xinjiang regiment, Chuang Jin cotton industry mainly deals with cotton, hemp and seed cotton acquisitions, sales of hemp processing machinery, and so on. There are six ginning plants under the jurisdiction of the company. 2019 cotton enterprises approved the annual cotton purchase loan amount of 600 million yuan, due to the impact of the epidemic, the early purchase plan set up at the beginning of the business, cotton purchase is in a state of shutdown. During the epidemic period, enterprises have been concerned about the market dynamics of cotton market and understand the market price. At present, the Yili branch of the agricultural development bank is actively coordinating and promoting the resumption of production and production of the Corps, helping the corps to "reach the work, reach the production, achieve sales and achieve efficiency". In order to give full play to the role of "leading, complementarity, and counter cyclical", we actively link up with the corps and enterprises, and open up a green channel to quickly meet the capital needs of the corps to resume work and resume production, so as to ensure smooth, accurate and efficient financial support for key enterprises in the Corps.

It is understood that the recent sales price of Xinjiang cotton in the cotton market is around 12000 yuan / ton, and the purchase price of lint is estimated at 9900-10000 yuan / ton. In order to ensure the demand for enterprise acquisition funds, the bank pays close attention to the trend of enterprises and communicates with enterprises in a timely manner. When learning about the demand for acquisition funds, the Yili branch of the Agricultural Development Bank actively carries out docking with enterprises to implement the capital requirements of enterprises. This 80 million yuan loan can help enterprises acquire 8000 tons of lint through the point package loan.

The issuance of the cotton loan has not only met the needs of the purchasing funds of the Corps during the epidemic prevention and control period, effectively ensured the resumption of production, but also solved the cotton farmers' selling cotton problem and the funds needed for the cotton field management this year. This fully reflects the role of the agricultural bank's anti cyclical adjustment, helping the smooth implementation of the cotton target price reform in the Corps.