Harbin Bank Financial Leasing Co Ltd and CNH Industrial (China) Management Co Ltd signed a landmark agreement in Harbin, in Heilongjiang province, on April 17 to cooperate in the agricultural machinery business – and it is seen as a potential blueprint for success in the sector.

The strategic accord is expected to blaze the trail for the development of modern agriculture in Heilongjiang through the efficient combination of industry and finance.

Heilongjiang in northeastern China is one of a handful of belts with flat, concentrated and contiguous cultivated land suitable for large-scale agricultural machinery operations. Demand in the modern large agricultural machinery market is said to be huge, and the financial demand for modern agricultural development is strong.

Harbin Bank Financial Leasing Co Ltd, headquartered in Heilongjiang’s capital city, has a leading presence in the national agricultural machinery leasing market; and CNH Industrial (China) Management Co Ltd, a subsidiary of CNH Global -- one of the world's largest agricultural machinery manufacturing companies -- is a high-end agricultural machinery provider closely adapting to regional characteristics and market needs.

Officials said the two sides would make full play of their respective advantages to promote the development of the agricultural machinery business in Heilongjiang.

A signing ceremony for an agricultural machinery business strategic cooperation agreement -- between Harbin Bank Financial Leasing Co Ltd and CNH Industrial (China) Management Co Ltd -- is held in Harbin, in Heilongjiang province, on April 17. [Photo/people.cn]

Business representatives of Harbin Bank Financial Leasing Co Ltd and CNH Industrial (China) Management Co Ltd shake hands at the signing ceremony in Harbin, Heilongjiang province, on April 17. [Photo/people.cn]