Group 1 - Ganzhou Bank successfully issued a 3-year fixed-rate "Three Rural" special financial bond on August 20, 2023 [1] - The total amount of the bond issued was 1 billion RMB [1] - The coupon rate for this bond was set at 1.94% [1]

Core Viewpoint - The People's Bank of China and the Ministry of Agriculture and Rural Affairs have issued guidelines to enhance financial services for rural reform and promote comprehensive rural revitalization, emphasizing the importance of financial resources in supporting rural development [1][3]. Financial Resource Allocation - As of March 2024, the balance of agricultural loans reached 52.9 trillion yuan, reflecting an 8.4% year-on-year increase, indicating a trend of financial resources being directed towards agricultural sectors [2]. - The guidelines propose increasing financial resource input in key areas of rural revitalization, particularly focusing on food security and credit support for major grain-producing regions [3][4]. Policy Measures - The guidelines encourage the issuance of specialized financial bonds for agriculture, small and micro enterprises, and green projects, as well as supporting eligible companies in issuing rural revitalization bonds [3][5]. - A comprehensive approach using monetary and credit policies is recommended to enhance financial support for rural revitalization, including risk compensation and loan interest subsidies [5]. Financial Services Innovation - The guidelines advocate for innovative financing mechanisms, such as expanding collateral financing coverage and promoting unique financial products tailored for rural areas [4][5]. - The development of rural revitalization bonds is highlighted as a key innovation in financing mechanisms, with a cumulative issuance of 699 bonds amounting to 502.53 billion yuan since 2018 [5][6]. Collaboration and Monitoring - The People's Bank of China aims to strengthen collaboration with various departments to improve financial services for rural reform and enhance monitoring and evaluation of financial support effectiveness [3][4].