A campsite in Deqing county, Huzhou, East China’s Zhejiang province. [Photo/WeChat account: huzhoubufabu]

Huzhou in East China’s Zhejiang province has rolled out a raft of innovative financial products for agricultural enterprises.

According to related policies, local agricultural enterprises can now apply for loans by pledging the usage rights of their land or production facilities. The land refers to space in rural areas which the local government has permitted the construction of buildings.

To date, enterprises have obtained nearly 115 million yuan ($17.69 million) worth of loans from local banks by pledging their land usage rights. In addition, they have acquired more than 80 million yuan in loans by pledging agricultural production facilities, according to official statistics. 

Shentu Xionglie, who runs a farm in Huzhou’s Deqing county, is among the beneficiaries of the policies.

He recently applied for a loan worth 3.3 million yuan by pledging a 5-mu (0.33 hectares) land that will be used to build facilities including canteens and hotels.

Farmers sort tomatoes in a farm in Deqing county, Huzhou, East China’s Zhejiang province. [Photo/WeChat account: huzhoubufabu]