The drafting of rural financial law is progressing smoothly.

Reporter Chen Liping recently learned from the Agriculture and Rural Committee of the National people's Congress that the drafting of the rural financial law is being carried out smoothly.

At the third session of the 12th National people's Congress held in March this year, 30 deputies, including Wu Guangchun, put forward a motion on speeding up agricultural credit legislation to effectively solve the financing problem of new agricultural operators. The motion points out that the shortage of funds has become a bottleneck restricting the development of new agricultural operators, and most new agricultural operators have financing difficulties. It is suggested that we should speed up the legislation of agricultural credit, solve the financing difficulties of new agricultural operators, and realize sustainable development.

The No. 1 document of the Central Committee in 2015 clearly stated that we should actively promote the legislation of rural finance. The formulation of a rural finance law has been included in the Plan for the implementation of important measures of the fourth Plenary session of the 18th CPC Central Committee (2015-2020). Since 2009, the Committee of Agriculture of the National people's Congress has taken the lead in organizing relevant departments to carry out two rounds of research on legislative issues and made relatively sufficient preparations. At present, a leading group and working group for drafting rural financial law has been set up led by the Committee of Agriculture and attended by the people's Bank of China, the Banking Regulatory Commission, the Ministry of Finance, and the State Administration of Taxation. The Rural Finance Law intends to make provisions from the following aspects: standardizing the responsibility of cooperative finance, commercial and policy-oriented financial institutions to support agriculture, improving the support policy of rural financial services, the differential supervision policy of rural finance, the construction of rural financial environment, and so on. The Committee of Agriculture suggested that this legislation be included in the 2016 legislative work plan of the standing Committee of the National people's Congress.