More than 95 percent of rural households in Zhejiang province are expected to be granted credit loans in a fast and convenient manner by the end of 2020, according to a government conference held in Jiangshan, a county-level city administered by Quzhou, on July 30.

The Zhejiang Provincial Department of Agriculture and Rural Affairs and the Zhejiang Rural Credit Cooperative had previously piloted a credit loan program in Jiangshan: a total of 151,000 rural households ( 95.57 percent of Jiangshan's rural population, or 100 percent of rural residents whose personal credit has not been compromised for defaulting on debts, etc. ) were granted credit loans without even having to apply. The households included 5,206 low-income families.

The Zhejiang Rural Credit Cooperative plans to grant a basic credit line of at least 30,000 yuan ($4,302) to every rural household if the township government provides names, ID cards, contact numbers, addresses, and household numbers for every household. The household will be informed in various ways and be allowed to use the loan immediately. The household can also volunteer to upload more information online so as to raise its credit line. Rural credit staff will also pay a visit to the household to better understand its financing needs.

By the end of this year, loan services for the province's rural households will rise from the current 30 percent to over 95 percent, reaching a total value of 200 billion yuan.