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| Regulations Issued for Banking Institutions in Rural China |
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The China Banking Regulatory Commission (CBRC) has publicized policies and regulations to facilitate banks' entry in the countryside. According to the regulations, domestic and foreign funded banks as well as other Chinese firms and persons are allowed to establish village banks to provide financial services for rural people and industry. Village banks can attract deposits from the public, give loans of short, middle and long term, conduct domestic liquidation service, engage in bill acceptance and inter-bank credits, issue bank cards, and underwriting governmental bonds, the regulations said. The regulations allow domestic commercial banks or rural cooperative banks to set up credit companies that specially provide loans for farmers and rural economy. Rural people and enterprises are allowed to set up small-sized financial organizations that attract savings from or give loans to their members, the regulations said. The CBRC has received applications from Minsheng Bank, Beijing Rural Commercial Bank, Tianjin Rural Cooperation Bank and four other domestic banks to establish rural subsidiaries. The CBRC, the country's banking watchdog, promulgated The Proposals on Adjusting and Relaxing Market-entry Policies for the Banking Institutions in Rural Areas on Dec. 20, 2006. The move is to improve the financial services, enlarge the financial network and solve the problems of insufficient banking service and incomplete competition in rural areas. (Xinhua News Agency January 31, 2007) |
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