100b yuan credit line planned to finance rural tourism

The Agricultural Bank of China (ABC) will extend a line of credit (LOC) up to 100 billion yuan ($14.1 billion) to help villages develop tourism, the Ministry of Culture and Tourism said on Sept 4.

The LOC will be used to support major tourist villages across China in developing their cultural and tourist resources, conserving the environment and traditional culture as well as improving public services and tourist facilities, according to a circular jointly released by the ministry and the ABC.

It will also finance the development and marketing of cultural and tourist products and services like homestays, vacation packages, farming experiences, rural cuisine and culture-inspired products, the circular said.