Authorities in Zhejiang have released a set of new microfinance measures to provide more financial support to low-income farmers in the province.

Starting on April 5, low-income farmers in 29 designated counties, cities and districts in Zhejiang are able to apply for loans up to 300,000 yuan ($47,153) for agricultural production or to start up a business, according to the measures. These farmers can choose between a 3 percent annual interest rate and enjoying 50 percent off the market interest rate — whichever is lower — for loans up to 100,000 yuan.

The measures also call on regulatory authorities to relax their requirements on financial institutions to encourage more lending to such farmers.

The measures, which were formulated after a revision of similar regulations introduced in 2019, aim to further advance Zhejiang's rural revitalization campaign and build on the poverty alleviation achievements the province has accomplished.