Rural China gets more financial institutions
9/10/2008 17:20
China Banking Regulatory Commission (CBRC) said yesterday that the country
would have more than 100 new rural financial institutions in operation by the
end of this year.
CBRC said this is part of China's efforts to improve
service in distant rural areas.
At the end of August there were 61 new rural
financial institutions in operation, said the industry watchdog.
The new
financial institutions include county-and village-level credit companies and
capital mutual aid organizations.
Credit from these new types of institutions
mainly went to farm households and small-sized enterprises in rural
areas.
The combined balance of deposit currently stands at 2.831 billion yuan
(US$414 million). Total loans reached 1.917 billion yuan, according to the
CBRC.
By the end of August, these loans benefited 22,797 rural households and
4,452 small-sized companies.
China has a rural population of 900 million, but
their financial services are generally less than what's found in urban
areas.
Xinhua
|
