Gao Yunlong, vice-chairman of the Chinese People's Political Consultative Conference (CPPCC) National Committee, spoke highly of the cooperation between the All-China Federation of Industry and Commerce (ACFIC) and the Agricultural Bank of China (ABC) in promoting rural vitalization.

He made the remarks while attending a signing ceremony of an agreement between the ACFIC and the ABC on providing financial services for private enterprises participating in the nationwide rural vitalization campaign in Beijing on June 25.

The agreement marked a substantive progress in the two sides' cooperation in the field.

Gao, also chairman of the ACFIC, pointed out that the "No 1 central document" for 2021, released by the central authorities earlier this year, encourages private enterprises to contribute to rural vitalization.

He said the ACFIC should play a role in helping the participating enterprises better support rural renewal.

He urged the ACFIC and the bank to channel financial resources to counties and rural areas, help speed up rural revitalization and agricultural modernization, and bring farmers more benefits from industrial development.

Gao also suggested establishing a multi-level coordination and cooperation mechanism between federations of industry and commerce at all levels and ABC branches across the country and innovating and expanding their cooperation to offer tailored financial services to private companies.

In addition, efforts should be made to innovate financial products and service models, broaden the scope of mortgage pledges, streamline approval processes and improve their services and efficiency, he added.